MAS Active (Pvt) Ltd, Trischel (Pvt) Ltd and Textprint Lanka (Pvt) Ltd are wholly owned subsidiaries of MAS Capital (Pvt) Ltd. MAS Capital (Pvt) Ltd is a wholly owned subsidiary of MAS Holdings (Pvt) Ltd which is the ultimate holding company of the MAS group. MAS Holdings is privately held company owned by the Amalean family Mr. M. Amalean, Mr. S. Amalean and Mr. A. Amalean. The Group started out in 1986 and has since grown to become an international operation with 34 manufacturing plants in Sri Lanka, 9 plants overseas (including India and Bangladesh), and 3 international design offices. MAS group is Sri Lanka’s largest export apparel manufacturer and largest private sector employer with a workforce of 66,000+.

The project cost is estimated at US$35 million and the proposed IFC investment is up to US$27 million, A-loan for IFC’s own account to the co-borrowers.

30.0 million (USD)

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity

* These investment figures are indicative

The project will be carried out in the Co-borrower’s plants and premises located in the Western Province of Sri Lanka.

1. Increased forex earnings: The project will help increase forex earnings of the apparel industry and improve the currently the country''s Balance of Payments.
2. Job creation: The project will lead to increased employment opportunities, and in particular, female employment, in Sri Lanka.
3. Demonstration Effect: The project will support one of Sri Lanka''s premium apparel sector players in terms of E&S compliance, OHS standards, and energy efficiency thereby setting the industry benchmark.

1. Provide long-term FX financing to support a leading conglomerate to expand its core business. IFC''s investment would enable the Group to access a longer tenor and grace period than is available in the local market.
2. Form a strategic partnership and provide continued financing support to the client for the expansion of it operations both locally and internationally.
3. Provide global industry insights from IFC''s experience in the sector.

This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects. A limited number of environmental and social impacts would result from the project, which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The scope of review of the Co-borrower''s operations included assessment of the Co-borrower’s capacity to provide oversight and monitor compliance with IFC’s Performance Standards as well as local environmental, social and occupational health and safety regulatory requirements for its operations. Key environmental, health and safety, human resources and social issues that were reviewed included the following: environmental and social management system; emissions to the environment – air, water and subsurface; solid, and hazardous waste and materials management, including transportation; community and occupational health and safety; energy use and efficiency; community engagement; and land acquisition. MAS facilities are in compliance with applicable national regulations, including those for life and fire safety; further the Co-borrowers will review existing facilities for comprehensive compliance with internationally accepted standards for life and fire safety, and for compliance with World Bank/IFC guidelines for discharge of treated effluent to surface water. Additional details on the potential environmental and social impacts of the project and corresponding mitigation measures about the project is provided in the Environmental & Social Review Summary and associated corrective action plan. Since this investment may be used to support other projects, which are yet to be identified, going forward, the Co-borrowers shall consider all relevant social and environmental risks and impacts, including the issues identified in PS1 through PS8 while assessing any new business opportunities or models.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.

Please refer to the Environmental and Social Action Plan (ESAP) tab in the related Environmental and Social Review Summary (ESRS) document for this project.