MAS bags US $ 28mn IFC loan

26 June 2014 04:54 am - 0 - {{hitsCtrl.values.hits}}

A A A

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.

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

Comments - 0

Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

MAS bags US $ 28mn IFC loan

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

Comments - 0

Add comment

RECOMMENDED

‘Spike in blast fishing’ poses renewed threats to Sri Lanka’s marine ecosystems

UDA owned land in Thalawathugoda; UDA Minister Prasanna Ranatunga under the spotlight for forceful occupation of reserved land

Loss-making SMIB faces political pressure in recovering loans

Baltimore Bridge Collapse: MV Dali, SL authorities anchored in mystery?

Has Sri Lanka become a potential hub for the illegal wildlife trade?

Spotlight on Moragahakanda Development Project Moragolla villagers lose livelihoods and down to one meal a day

Ambitious Sri Lankan jobseekers ‘trafficked into Ukraine war zones’

Most Viewed in News

Complaint lodged over Piumi Hansamali's possession of Gota’s Range Rover

SL on alert on possible genocide allegations by Canada

Train fails to halt, crashes onto Colombo Fort platform

Sri Lankan among NASA’s new crew for next simulated Mars journey

Racing event tragedy leaves seven dead including eight-year-old child

Ranil Wickremesinghe caravan moves on despite barking dogs

MIRROR CRICKET

Is Chamari Athapaththu Sri Lanka’s greatest cricketer ever?

Athapaththu back atop ICC Women’s ODI Batting Rankings

Chamari Athapaththu sets big goal for T20 World Cup

How does CSK get best out of Pathirana?

TODAY'S HEADLINES

Main man behind Sri Lanka -Malaysia child smuggling syndicate arrested at BIA

Six patients claim Rs.600 million from Keheliya and others for permanent loss of sight

SLPP, UNP initiates action for forming broad alliance

Here is the way!

Sri Lanka secures third spot in South Asian Kurash Championship 2024

Athapaththu back atop ICC Women’s ODI Batting Rankings

Army forms committee to probe Diyatalawa Fox Hill Supercross accident

Indian cricket manager indicted for Legend Cricket League match-fixing allegations