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 Aug 2016

GST rate of 18% should be ideal: CII President

Goods and Services Tax (GST) rate of 18 per cent would be ideal, and...

Courtesy: Sybly Industries

Textiles | On 25th Aug 2016

Sybly starts manufacturing recycled polyester yarn

Polyester yarn manufacturer Sybly Industries Limited has started...

Textiles | On 25th Aug 2016

Prepare development strategy to 2025: VITAS tells govt

The Vietnam Textile and Garment Association (VITAS) has urged the...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Yash P. Kotak
Bombay Hemp Company

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

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
August 2016

F2F Magazine

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search