The International Finance Corporation or IFC, which is a member of the World Bank Group and an international financial institution that offers investment, advisory and asset-management services to encourage private-sector development in less developed countries, has invested US $ 22.7 million in Hamza Textiles Limited (HTL), a dyeing and finishing company of Bangladesh’s DBL Group (Dulal Brothers Ltd. Group) to help improve the competitiveness of Bangladesh apparel sector at the global level.
As per a press release issued by the IFC in this regard, the new investment — the IFC financing will help build a new factory with advanced and resource-efficient technologies to respond to evolving demands of consumers and create more than 900 direct new jobs — marks IFC’s first COVID-19 support in the readymade garment sector and includes financing from the IDA-PSW or what is known as the International Development Association’s Private Sector Window, which has been set up to catalyse investment in low-income and fragile countries.
Commenting on the IFC investment, DBL Group’s Managing Director, MA Jabbar, reportedly, maintained that the new facility will allow HTL to widen its manufacturing base, work with new fabrics to meet increasing buyer requirements, and highlight the effectiveness of advanced technologies to cut production costs and deliver climate benefits.