The investment will help Willbes Haitian expand its apparel manufacturing capacity

The investment will help Willbes Haitian expand its apparel manufacturing capacity

The World Bank Group's International Finance Corporation (IFC) is providing US$4m to help The Willbes Haitian expand its apparel manufacturing capacity, as part of efforts to support the development of the country's clothing industry.

The financing is expected to help Willbes Haitian, a subsidiary of South Korea-based The Willbes & Co, add new production lines and strengthen its financial position. As a result, 1,000 jobs will be created in Port au Prince by the end of 2016.

It also supports the development of Haiti’s apparel industry, which has in recent years seen its exports represent around 90% of the country's total.

The IFC will also mobilise a $4m loan from the Inter-American Development Bank.

"Haiti can become one of the more competitive producers of ready-made garments, and we stand ready to be part of that growth," said Byung-Hyun Jun, president and CEO of The Willbes & Co.

Luc Grillet, IFC senior manager for Central America and the Caribbean, added: "IFC is committed to supporting Haiti’s private sector through companies like Willbes that create jobs and opportunities for people to improve their lives."

"This investment is part of our strategy of enabling growth in a priority sector, in turn generating employment and export earnings for the Haitian economy."