IFC, a member of the World Bank Group, has partnered with leading local apparel manufacturer Hela Clothing (Pvt.) Limited to boost trade opportunities for Sri Lanka’s apparel industry through a trade-supplier finance facility. Hela Clothing is the latest apparel company in Sri Lanka to join IFC’s Global Trade-Supplier Finance programme.
Through this facility, IFC will provide a supplier-finance credit line to Hela Clothing against receivables from selected international buyers, providing working capital directly to the company.
“Hela clothing prides itself in developing world-class products that establish the company as a trend-setter in the global market-space. IFC’s trade-supplier finance programme will bring greater flexibility to our operations allowing us to continuously innovate and meet the evolving needs of the apparel market. We intend to become more competitive within the global apparel industry,” said Dian Gomes, Chairman of Hela Clothing. Supplier finance is a scalable and manageable way for suppliers in emerging markets to access affordable financing against receivables from customers. The product offers suppliers an additional source of flexible, affordable funding and may allow the buyer to negotiate longer payment terms or better prices.