IFC invests $4m in Haitian apparel sector
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."
Help test our new apparel sourcing tool.
- Rana Plaza four years on – Timeline of change
- Trump and Brexit get a dose of pragmatism
- Using worker surveys to drive supply chain change
- Industry groups reaffirm commitment to Bangladesh
- Where does VF supply chain sit in growth strategy?
- Nike filed patent for "reinforced denim"
- US textile industry applauds Trump executive order
- Gap unveils five-year sustainable fibres pledge
- Pentland Brands reveals Berghaus factory list
- Adidas and Reebok top transparency index
- Global market review of denim and jeanswear – forecasts to 2022
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Clothing Market in the Top 5 American Countries to 2021 - Market Size, Development, and Forecasts
- Myanmar - ISA Country Report