International Finance Corporation, a member of World Bank Group has announced to invest in one of Pakistan’s top fashion brands Khaadi in order to create jobs and promote gender equality.
IFC aims to support the country’s crucial textile sector amidst the downturn post-pandemic. Moreover, the organization intends to invest $ 25 million for the development of minorities in Khaadi Corporation, having 57 retail outlets in the home country and a few in the UK and GCC countries.
Likewise, this funding will elevate the company’s growth by expanding its retail dealership through e-commerce globally. This initiative will help the smaller retail businesses across Pakistan to flourish on their online footprints.
Furthermore, Shamoon Sultan the CEO of Khaadi Corporation has also appreciated the IFC’s initiative for helping in the creation of job opportunities.
“We are excited to begin the next chapter of our growth transformation with IFC’s first investment in the Pakistan fashion retail sector. We envisage this investment will help us set new benchmarks in organizing the retail sector in Pakistan and beyond, through strategic initiatives to drive growth, corporate governance, and diversity”
Since 1956, IFC has invested about $1.2 billion in Pakistan, facilitating to support of smaller businesses and encouraging the development of renewable energy, hydro, and wind energy projects.
Additionally, this initiative is designed to support the expansion of Pakistan’s textile sector, which accounts for 40 % of employment and almost 9 percent of the country’s GDP. Likewise, 30% of the workers are women, and supporting the industry would help promote gender equality in the country.
The @KhaadiOfficial story keeps getting better.
The latest is @IFC_org investing for an equity stake in the trailblazing retailer.
Congrats to the IFC & Khaadi’s entire team, especially Shamoon Sultan! pic.twitter.com/Sbwj3hnciF
— Mosharraf Zaidi (@mosharrafzaidi) May 27, 2022
Similarly, Zeeshan Sheikh, IFC Country Manager for Pakistan and Afghanistan has also emphasized women’s major role in the textile sector. In his statement he said that;
“By channeling financing and advisory support into the industry and partnering with innovative companies like Khaadi we can help the sector grow, formalize, become more sustainable, and create greater economic employment opportunities for women.”
IFC is the largest global development institution focused on the development of the private sector and emerging markets.
Read more: Top clothing brands in Pakistan
Conclusively, this investment is likely to design structures promoting gender diversification programs and to develop and sustain Pakistan’s private business sector. Therefore, the initiative will prove to be a key factor in creating opportunities and eradicating poverty in the country.