Home / Knowledge / News / Apparel/Garments / IFC lends $28mn to Sri Lankan apparel manufacturer MAS
IFC lends $28mn to Sri Lankan apparel manufacturer MAS
28
Jun '14
IFC, a member of the World Bank Group, is lending $28 million to Sri Lankan apparel manufacturer MAS Capital Private 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. 
 
Said Sharad Amalean, Chief Executive Officer, MAS, “This association 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.” 
       
Sri Lanka’s textile and apparel exports account for almost 7 percent of the country’s 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,” said Adam Sack, IFC Country Manager for Sri Lanka and Maldives. “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.”         
 
Sri Lanka is a priority country for IFC. IFC’s committed portfolio of over $519 million in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance, and by offering capacity-building and training opportunities. 
 
About MAS 
MAS is an innovation driven company and one of Asia’s largest manufacturers of intimate apparel, sportswear, performance wear and swimwear, and in recent years have diversified to provide specialized IT solutions to the apparel and footwear industry worldwide. MAS also own Sri Lanka’s first international brand of lingerie – amanté. Through 42 state-of-the-art facilities spread over 10 countries MAS provides an empowering culture for over 64,000 associates to activate their full potential. 
 
About IFC 
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. 
 

IFC


Must ReadView All

Textiles | On 25th Sep 2017

SVP Group to build $300 mn spinning plant in Sohar

ShriVallabh Pittie Industries (SVP) Group, a diversified yarn...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Courtesy: Business Wire

Textiles | On 25th Sep 2017

Invista to use ADN technology at joint project in France

Invista, a leading producer of chemical intermediates, polymers, and...

Interviews View All

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search