Sri Lanka’s Brandix gets trade credit line from IFC

Oct 03, 2013 (LBO) - Brandix, a Sri Lanka based apparel group will get a trade finance facility from International Finance Corporation, a world bank arm, which the lender says is the first in South Asia. Brandix will get funding against credit given to selected international buyers which can be used for working capital.

IFC said its supplier finance facility provides affordable financing to emerging market exporters.

"As IFC’s portfolio grows in Sri Lanka, we are looking at new ways to support companies involved in vital export sectors for the country," said Adam Sack, IFC country manager for Sri Lanka and Maldives said in a statement.

"IFC’s first supplier finance facility in South Asia will provide short-term financing for Brandix, and help boost international trade."

Trevine Jayasekara, finance director at Brandix said by partnering with IFC to rollout the first facility the way has been opened for others to use it.

IFC said its 'Global Trade Supplier Finance' program is a 500 million US dollar equivalent multicurrency program that finances emerging-market suppliers and small and midsize exporters.

IFC also helps banks that offer supply chain finance to increase th