This will help the company save costs, prevent waste, and reduce greenhouse gas emissions.
Under this project, IFC will assess and recommend measures that can help MAS Holdings improve efficiency in its operations, lower usage of water, energy and chemicals, and increase water reuse.
IFC will also support the implementation of these recommendations.
MAS has set a goal to reduce its energy usage intensity by 50%, and water usage by 75% by 2025.
“Globally, the textile sector faces critical environmental challenges associated with resource-use that leaves a large footprint on the world’s environment,” said Sharika Senanayake, Director of Sustainability for MAS Holdings.
“At MAS Holdings, we have made three clear commitments to create positive impact on the environment and managing our footprint is just one of them. We are glad to have IFC’s expertise and support on these initiatives.”
The program will build on the extensive experience of IFC’s Bangladesh Partnership for Cleaner Textile (PaCT) program, which focuses on providing advice on implementing cleaner production practices in over 236 textile factories in Bangladesh, resulting in savings of 21 billion liters of water a day, and energy savings of 2.5mn MWh per day.
This is the first time that the IFC PaCT program will be implemented in Sri Lanka.
“We are pleased to partner with MAS to explore ways in which Sri Lanka’s apparel sector, which is critical to the economy, can grow in a sustainable way,” said Amena Arif, IFC Country Manager for Sri Lanka and the Maldives.
“Cleaner production measures can reduce the use of natural resources, mitigate threats to humans and the environment, promoting greater overall efficiency through improved production practices.”
Sri Lanka’s apparel sector accounts for almost 7 percent of the country’s GDP and 38 percent of its total exports, making it the country’s second largest foreign exchange earner.
The sector is Sri Lanka’s largest employer with a workforce of over 300,000 individuals, of which a majority are women, employed in over 850 factories.
About MAS Holdings
Being one of the world’s most recognized design-to-delivery solution providers in apparel and textile manufacturing, MAS manages a portfolio of businesses with a revenue of USD 1.8bn.
It is also the largest apparel and textile manufacturer in South Asia.
Headquartered in Sri Lanka, MAS serves with 54 manufacturing facilities placed across 16 countries, with over 95,000 people involved in its operation.
With a diverse portfolio under its umbrella, MAS is driven by the vision to create a self-sustained ecosystem in the global business arena.
To connect with MAS, email This email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.masholdings.com
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets.
We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world.
In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity.
For more information, visit www.ifc.org
