The International Finance Corporation (IFC) has made the decision to invest $25 million in one of the largest fashion stores in the nation, Khaadi, in order to strengthen the core textile industry in the wake of Covid-19, create jobs, and advance gender equality.
The IFC stated on Saturday that this sizable investment is a part of a broad initiative to boost Pakistan's private sector, which is crucial for fostering opportunity and combating poverty in the nation.
IFC has invested more than $1.2 billion in Pakistan since 1956, assisting smaller companies and promoting the growth of wind, hydro, and renewable energy projects.
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The investment is meant to aid in the growth of the textile and retail industries, which together account for about 9% of the nation's gross domestic product and offer 40% of job possibilities. Women make up about 30% of the workforce in the textile business, therefore supporting it will assist
In addition, IFC invested in Khaadi Corporation, which has 57 retail locations in Pakistan and operations in the United Kingdom and Gulf Cooperation Council (GCC) nations.
By expanding its retail base and global internet sales, the money will assist the company in accelerating its growth.
The founder and CEO of Khaadi Corporation, Shamoon Sultan, stated in this respect, "We are pleased to begin the next chapter of our growth transformation with IFC's first investment in the Pakistani fashion retail market. Through strategic measures to promote development, corporate governance, and diversity, we anticipate that this investment will assist us in helping to establish new norms for structuring the retail sector in Pakistan and abroad.
According to Zeeshan Sheikh, IFC Country Manager for Pakistan and Afghanistan, the textile and retail sector is a vital component of Pakistan's economy and a significant employer of women, particularly in the garment industry.
"We can help the sector grow, formalize, become more sustainable, and generate better economic employment prospects for women by channeling capital and advisory support into the business and working with creative startups like Khaadi," he continued.
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