The International Finance Corporation (IFC) will invest $25 million in Pakistani rupees in one of the country’s foremost fashion retailers to generate jobs, promote gender equality, and sustain the country’s vital textile sector post-pandemic.
The IFC declared that this investment is part of a more significant commitment to assist the growth of Pakistan’s private sector, which is critical to providing opportunities and eliminating poverty in the nation.
IFC has invested approximately $1.2 billion in Pakistan since 1956, assisting small businesses and spurring the growth of renewable energy, hydro, and wind energy projects.
The IFC investment is for minority ownership in Khaadi Corporation. Khaadi has 57 retail shops across Pakistan and a presence in the United Kingdom and the Gulf Cooperation Council (GCC) nations.
The funds will assist the firm in expanding its retail base and worldwide online sales. According to an IFC news statement, it would also indirectly benefit the retailer’s Pakistani suppliers, many of whom are small companies.
“With IFC’s first investment in the Pakistan fashion retail sector, we are thrilled to begin the next chapter of our growth transformation.” “We anticipate that this investment will help us set new benchmarks in Pakistan and abroad via strategic efforts,” stated Shamoon Sultan, CEO of Khaadi.
“The textiles and retail business is a vital element of Pakistan’s economy and a key employer of women, particularly in the garment sector,” said Zeeshan Sheikh, IFC Country Manager for Pakistan and Afghanistan, emphasizing collaborating with forward-thinking enterprises.
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