IFC to invest $25m in Pakistan’s top fashion retailers – Newspaper

 IFC to invest $25m in Pakistan’s top fashion retailers – Newspaper

ISLAMABAD: The International Finance Corporation (IFC) will invest the equivalent of $ 25 million in Pakistani rupees in one of the country’s leading fashion retailers to create jobs, promote gender equality and support the key textile sector after the pandemic .

This investment is part of IFC’s broader effort to support the growth of Pakistan’s private sector, which is key to creating opportunities and combating poverty in the country, the IFC announced on Saturday.

Since 1956, IFC has invested more than $ 1.2 billion in Pakistan, helping to support small businesses and encouraging the development of renewable energy, hydro, and wind energy projects.

The investment is designed to support the growth of Pakistan’s retail and textile sectors, which provide 40 per cent of employment and account for about 9 per cent of the country’s gross domestic product. About 30 per cent of those working in the textile sector are women and supporting the industry will help promote gender equality in Pakistan.

IFC’s investment is for a minority stake in Khaadi Corporation, which has 57 retail outlets spread across Pakistan and located in the United Kingdom and Gulf Cooperation Council (GCC) countries.

The fund will help the company accelerate its growth by expanding its retail footprint and online global sales. It also does not directly support Pakistani retail suppliers, mostly small businesses, an IFC press release said.

“We are excited to begin the next chapter of our turnaround on the growth of IFC’s initial investment in Pakistan’s fashion retail sector. We think this investment will help us set new standards for innovation. -organize the retail sector in Pakistan and beyond, through strategic initiatives to stimulate growth, corporate governance, and diversification, ”said Shamoon Sultan, founder and CEO of Khaadi Corporation.

“The textile and retail industry is a core part of Pakistan’s economy and a major employer of women, especially in the garment sector,” said Zeeshan Sheikh, IFC Country Manager for Pakistan and Afghanistan, while highlighted the need for collaboration with new companies.

Published in Dawn, May 29, 2022

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