Sri Lanka’s Hela Clothing gets IFC export finance facility
ECONOMYNEXT – Hela Clothing (Pvt) Ltd, a Sri Lanka-based apparel exporter, will be given credit line against accounts receivable from some its overseas buyers, International Finance Corporation, a Washington based multi-lateral lender, said.
Hela Clothing prides itself in developing world-class products that establish the company as a trendsetter in the global market-space.
"IFC’s trade-supplier finance program will bring greater flexibility to our operations…," Dian Gomes, Chairman of Hela Clothing, was quoted as saying.
"We intend to become more competitive within the global apparel industry."
Established in 2010, IFC’s Global Trade Supplier Finance program is a $500 million multi-currency that provides short-term finance to emerging market suppliers and small and mid-size exporters.
The program also helps banks that offer supply-chain finance to increase their presence in emerging markets. The GTSF program offers differentiated pricing based on the social and environmental performance of suppliers.
"As IFC’s portfolio grows in Sri Lanka, we are looking at new ways to support companies involved in vital export sectors of the country," Amena Arif, IFC Country Manager for Sri Lanka and Maldives, said.
"Through this trade supplier finance program, Hela Clothing can access much-needed financing and grow its business while effectively managing risk."