IFC, a member of the World Bank Group, is lending $ 28 million to Sri Lankan apparel manufacturer MAS Capital 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.
MAS Chief Executive Officer Sharad Amalean said: “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% of the country’s GDP and 43% 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 IFC Country Manager for Sri Lanka and Maldives Adam Sack. “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.
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 specialised 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.
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, it uses its 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.