Seoul, South Korea / Port au Prince,
Haiti, July 13, 2015—IFC, a member of the World Bank Group, is investing
$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 Port au Prince by the end of 2016.
In addition, IFC is mobilizing a $4 million parallel loan from the Inter-American
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 percent of Haiti’s total exports.
“We are pleased to partner with IFC today
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.”
IFC’s portfolio in Haiti amounts to US$122
million, including US$24 million mobilized from other partners. We operate
in sectors such as hospitality, energy, financial markets, and manufacturing.
Through our advisory programs with the private sector and the government,
we support access to finance, public-private partnerships, improvements
to Haiti’s investment climate, and programs that make small and medium
enterprises more productive.
IFC, a member of the World Bank Group, is
the largest global development institution focused exclusively on the private
sector. Working with private enterprises in about 100 countries, we use
our capital, expertise, and influence to help eliminate extreme poverty
and boost shared prosperity. In FY14, we provided more than $22 billion
in financing to improve lives in developing countries and tackle the most
urgent challenges of development. For more information, visit www.ifc.org