IFC, a member of the World Bank Group, will lend US $ 28 million to the Sri Lankan apparel manufacturer MAS Capital (Pvt.) Ltd and its subsidiaries to support the group’s expansion and innovation plans.
IFC’s long-term loan will provide additional capital for MAS to expand its product portfolio and boost exports. The group is expected to create more jobs, predominantly for women.
IFC’s long-term loan will provide additional capital for MAS to expand its product portfolio and boost exports. The group is expected to create more jobs, predominantly for women
MAS Chief Executive Sharad Amalean said that the association with IFC is a significant milestone for both the company and the country.
“The apparel industry in Sri Lanka is at the forefront of innovation and growth and MAS continues to push boundaries while expanding capacity to meet the growing demands of our buyers,” he said.
Sri Lanka’s textile and apparel exports account for almost 7 percent of the country’s gross domestic product (GDP) and 43 percent of its total exports, making it the country’s second largest foreign exchange earner.
Additionally, the industry is Sri Lanka’s largest employer in the manufacturing sector with more than 300,000 mostly female workers.
“Apparel sector jobs are a lifeline for women in emerging economies. The income they earn stretches a long way,” IFC Country Manager for Sri Lanka and Maldives Adam Sack said.
He added that apart from creating jobs and boosting exports, IFC’s loan will help MAS Capital strengthen its environmental and social management systems and bring in world-class experience to support its growth plans.