TOKYO, March 6, 2018 /PRNewswire/ --
- Partnership aims to enhance environmental and social performance in emerging markets' food and drink industries
- Part of GFSI's objective to strengthen public-private partnerships (governments and private companies)
- Aims to develop financial incentives for strengthening food safety and general sustainability credentials
The Global Food Safety Initiative (GFSI) has announced a global partnership with the International Finance Corporation (IFC), as part of its strategy to strengthen public-private partnerships. The agreement aims to strengthen the private sector in developing countries, promoting the importance of food safety, environmental and social sustainability. The IFC is a sister organisation of the World Bank and a member of the World Bank Group. It is the largest global development institution and is focused exclusively on the private sector in developing countries. The partnership was announced at this year's Global Food Safety Conference in Tokyo, which is taking place on 5th-8th March.
The agreement aims to strengthen the Global Markets Programme, a framework for improving food safety in developing countries, fostering collaboration on food safety in emerging markets like Africa. Furthermore, a key goal is to include the GFSI Benchmarking Requirements, the world's most widely accepted benchmark for food safety requirements, within the financial incentives provided by the IFC.
The partnership will offer suppliers short-term working capital financing, with lower costs for organisations which score highly on certification with a GFSI-recognised certification programme owner (CPO) as well as those which are on the pathway to GFSI-recognised certification through the Global Markets Programme. Commercial banks in emerging markets often have limited tailored financial products for suppliers and exporters, often finding it difficult to evaluate small- and medium-sized suppliers. Typically, they do not have an incentive structure for improved food safety, environmental, health and safety and social performance. GFSI and IFC's agreement will allow them to work towards improving food safety standards, increase consumer trust and boost industry efficiency.
Mike Robach, Chairperson of the GFSI Board and VP, Corporate Food Safety, Quality and Regulatory Affairs, Cargill, stated, "The IFC has been using the Global Markets Programme since its creation. The organisation has always been involved in the construction of programme toolkits, engaging with GFSI stakeholders in technical working groups. The financial leverage of IFC in emerging markets will help all of us in the public and private spheres to make safer food for consumers everywhere.
"I am convinced that a strong and engaged private sector is indispensable to ending extreme poverty and boosting shared prosperity. The partnership with GFSI is a way for the IFC to deliver its strategic priorities to investors across the agribusiness supply chain-from farm to retail. It will lead to boosts in production, liquidity, logistics and distribution, while expanding access to credit for small farmers".
About the Global Food Safety Initiative
The Global Food Safety Initiative (GFSI) brings together key actors of the food industry to collaboratively drive continuous improvement in food safety management systems around the world. With a vision of Safe food for consumers everywhere, food industry leaders created GFSI in 2000 to find collaborative solutions to collective concerns, notably to reduce food safety risks, audit duplication and costs while building trust throughout the supply chain. The GFSI community works on a volunteer basis and is composed of the world's leading food safety experts from retail, manufacturing and food service companies, as well as international organisations, governments, academia and service providers to the global food industry. GFSI is powered by The Consumer Goods Forum (CGF), a global industry network working to support Better Lives Through Better Business.
About The Consumer Goods Forum
The Consumer Goods Forum ("CGF") is a global, parity-based industry network that is driven by its members to encourage the global adoption of practices and standards that serves the consumer goods industry worldwide. It brings together the CEOs and senior management of some 400 retailers, manufacturers, service providers, and other stakeholders across 70 countries, and it reflects the diversity of the industry in geography, size, product category and format. Its member companies have combined sales of EUR 3.5 trillion and directly employ nearly 10 million people, with a further 90 million related jobs estimated along the value chain. It is governed by its Board of Directors, which comprises more than 50 manufacturer and retailer CEOs. For more information, please visit: http://www.theconsumergoodsforum.com.
For further information, please contact:
The Consumer Goods Forum
SOURCE Global Food Safety Initiative