Haiti’s apparel sector has just got a shot in the arm. The International Finance Corporation (IFC), a member of the World Bank Group, has decided to invest $4 million to help The Willbes Haitian S.A., a subsidiary of South Korea-based The Willbes & Co., Ltd, expand its apparel manufacturing capacity and create 1,000 new jobs in Haiti’s capital Port au Prince by the end of 2016.
Additionally, IFC is also mobilizing a $4 million parallel loan from the Inter-American Development Bank, it said in a press statement.
The financing will help The Willbes Haitian S.A. add new production lines and strengthen the company’s financial position. It also supports the development of Haiti’s apparel industry, a key component of the country’s economy and an important source of foreign investment and jobs. In recent years, garment exports have represented approximately 90 per cent of Haiti’s total exports.
“We are pleased to partner with IFC to create opportunities for Willbes’ expansion and for Haiti’s garment sector to prosper,” said Byung-Hyun Jun, president and CEO of The Willbes & Co., Ltd. “Haiti can become one of the more competitive producers of ready-made garments, and we stand ready to be part of that growth.”
“IFC is committed to supporting Haiti’s private sector through companies like Willbes that create jobs and opportunities for people to improve their lives,” said Luc Grillet, IFC senior manager for Central America and the Caribbean. “This investment is part of our strategy of enabling growth in a priority sector, in turn generating employment and export earnings for the Haitian economy.”
The Willbes & Co., Ltd. is an original equipment manufacturer (OEM) of textiles. The company operates in two business divisions: fibre division and education division. Its fibre division provides knits, sweaters, woven products, microfibers and others, through its oversea subsidiaries.
