Hela Investment Holdings Ltd is the Mauritian indirect and wholly owned subsidiary of Hela Apparel Holdings PLC, who will serve as the Project Sponsor. HIH will serve as the borrower of the IFC Loan. HAH is listed on the Colombo Stock Exchange (HELA.N0000).

The total estimated project cost is US$40.0 million, of which IFC will be financing up to US$20.0 million via an A Loan.

The Project will provide long-term working capital finance to HIH to support the continued growth of its operations in Kenya, Egypt, and Sri Lanka. The Hela Group’s Kenyan manufacturing facility is located in an Export Processing Zone in Athi-River, close to Nairobi, while its Egyptian operation is situated in the Alexandria Governorate, an area with a well-established skill base in apparel manufacturing that also hosts one of Egypt’s largest ports. The Hela Group operates 6 manufacturing facilities in Sri Lanka and its facility located in the Mawathagama Export Processing Zone will be the primary beneficiary of the IFC loan.

   This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed Project will have limited adverse E&S impacts that are few, site specific, largely reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP).

Key E&S issues include; i) company’s management and monitoring system to assess and manage E&S risks and impacts from its operation and those related to supply chain; ii) consistent management of labor and working conditions, occupational health and safety, and prevention of gender-based violence across the group’s operations; iii) management and monitoring of air emissions, waste water, solid waste, and hazardous materials management; (iv) management of life and fire safety (LFS) risks and emergency preparedness and response; v) impacts on community health and safety due to transport of raw material and finished products, as well as transportation provided to workers; and vi) company’s stakeholder engagement activities.