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Sri Lanka,United States : IFC lends $28 million to SRI LANKA'S MAS CAPITAL PVT. LTD.

July 2, 2014

IFC is lending $28 million to MAS Capital Private Ltd and its subsidiaries to support the group s expansion and innovation plans.

IFC s long-term loan is to provide additional capital for MAS to expand its product and boost exports. The group will create more jobs for women.

This is a significant milestone for both the company and the country. The apparel industry is at the forefront of innovation and growth, and MAS continues to push boundaries while expanding capacity to meet the growing demands.

The textile and apparel exports account for 7% of the country s GDP and 43% of its total exports, making it the second largest foreign exchange earner. The industry is Sri Lanka s largest employer with more than 300,000 female workers.

Sri Lanka is a priority country for IFC. IFC committed over $519 million in Sri Lanka for a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC provides services to promote growth among small and medium enterprises (SMEs) by facilitating access to finance, and by offering capacity-building and training opportunities.

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Source: TendersInfo (India)

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