Sri Lanka clothing manufacturer Brandix is to further boost its exports with trade finance provided by the IFC, part of the World Bank.
As part of its global trade supplier financing scheme, the IFC will provide funding against the receivables of selected international buyers.
This is the first facility that the US$500mn scheme has provided in Southeast Asia since its foundation in 2010.
The funding amount for this transaction has not been disclosed.
“We are delighted to work with IFC in their very first trade supplier finance facility in South Asia,” says Trevine Jayasekara, finance director of Brandix, “we will also pave the way for others in the sector to avail of the facility”.
“As IFC’s portfolio grows in Sri Lanka, we are looking at new ways to support companies involved in vital export sectors for the country,” adds Adam Sack, IFC country manager for Sri Lanka and Maldives.
Brandix is one of the largest clothing manufacturers in Sri Lanka and was the largest apparel exporter from 2006 to 2008. It exports to countries around the world including the US and Europe.