Madagascan textile manufacturer Cotona has received an $8.5m loan from IFC to help it modernise and replace obsolete equipment.

Over the past 50 years, the sponsors - Groupe Socota Industries - have built a solid industrial base in Madagascar and Mauritius and are among the largest employers in the region.

IFC's investment will help Cotona achieve global competitiveness in the international textile market with the aim of developing the "made in Madagascar" label.