WASHINGTON, D.C., March 10, 1998—The International
Finance Corporation (IFC) has signed an agreement to provide a loan of
US$5 million to El Zay, a Jordanian textile company, specializing in the
manufacture of high quality men’s suits.
The project consists of an expansion program to diversify El-Zay’s product
line by manufacturing men’s outerwear and a financial restructuring program.
El-Zay has already benefitted from Italian/IFC Technical Assistance
Trust Fund support in the preparation of its expansion and diversification.
El-Zay has a strategic technical know-how and sales agreement with Gruppo
GFT, a top-ranking European menswear company, which manufactures and markets
high quality ready-to-wear suits with over 30 operating subsidiaries in
Europe, North America, the Middle East, and the Far East.
Mr. André Hovaguimian, Director of IFC’s Central Asia, Middle East, and
North Africa Department, said that IFC was very pleased to make its first
investment in the Jordanian textile industry, a non-traditional export
sector for the country, and that the project would benefit from Jordan’s
comparative advantages in human resources, location, and trade agreements
IFC, the private sector arm of the World Bank Group, is the world’s largest
multilateral source of equity and loan financing for private sector projects
in developing countries. To date, IFC has approved about US$204 million
in financing, including US$70 million for the account of participants and
$114 million for its own account, for 11 projects in Jordan.