IFC and Epic Group partner for sustainable textile manufacturing

YarnsandFibers News Bureau 2024-06-19 11:34:56 – India

The International Finance Corporation (IFC) and Epic Group, a global leader in the apparel industry, have announced a significant financial collaboration to enhance resource efficiency and sustainable textile manufacturing in Bangladesh and India.

This financial support will enable EPIC Group to pursue its ambitious expansion plans, which involve modernizing its operations in Bangladesh and constructing a new production facility in India. The funds are specifically allocated for upgrading a washing and wastewater treatment plant and acquiring advanced equipment to reduce water and energy consumption. This project marks IFC’s introduction of its first green loan with sustainability-related features in the industrial sector.

The partnership is expected to create significant employment opportunities, generating approximately 10,500 direct jobs and 17,000 indirect jobs in both countries. The loan agreement includes stringent corporate sustainability performance targets, such as reducing freshwater consumption, increasing the proportion of women in junior and middle management roles, and cutting greenhouse gas emission intensity per garment by 65% by 2030 (compared to 2019 levels).

Ranjan Mahtani, Executive Chairman of EPIC Group, highlighted the importance of this partnership, stating, “Partnering with IFC is a significant step for EPIC Group in pursuit of a more sustainable and innovative textile manufacturing industry. This collaboration not only allows us to expand our operations but also reinforces our commitment to reducing our environmental footprint and enhancing resource efficiency.”

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