The World Bank Group, IFC, is investing in Pakistan’s top fashion retailer, Khaadi. This is to support the country’s textile industry after the panic economic crash. As a result of this investment by IFC, many jobs will be created and gender equality will be promoted.
IFC will invest 25 million Pakistani rupees in Khaadi. The investment will take the form of a minority stake of nearly two percent and is the first equity financing given by IFC to an apparel retailer.
The success of Pakistanis is a major reason for the success of Everpress. With this funding, they are able to expand their retail footprint and online sales globally. They are also helping suppliers in Pakistan, who are often small businesses.
Khaadi announced a partnership with IFC to invest in the Pakistani fashion retail sector. They believe that their goals are virtuous and they want to set new benchmarks in Pakistan’s retail industry.
The investment is to try and help the retail sector in Pakistan, which provides 40% of employment and makes up 9% of the GDP.
In Pakistan, about 30% of people in the textile industry are female. Supporting this growing sector will help promote gender equality.
The textiles 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.
IFC, which spans more than 50 years, has invested over $1.2 billion in the past few decades to support Pakistan. IFC has helped smaller businesses develop and increase renewable energy usage in Pakistan.
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