Accra, Ghana, November 21, 2022—Backing Ghana's ambition to become a regional textile and apparel manufacturing hub, IFC today announced a partnership with DTRT Apparel Group that will support the expansion of the company's garment production capacity and create thousands of jobs.
Under the partnership, IFC will lend DTRT up to $8 million, including $4 million from IFC's own account and $4 million from IFC in its capacity as the implementing entity of the International Development Association's Private Sector Window. DTRT will use the funds to expand its garment manufacturing capacity in Ghana's Greater Accra region, supporting the creation of more than 6,000 jobs over the next six years.
IFC will also provide DTRT, West Africa's largest apparel manufacturer, with advisory services to help the company further strengthen its support for women in its workplace.
DTRT currently employs more than 5,000 workers — predominantly women — at its factories in Ghana, making it one of country's largest private-sector employers. Despite challenging conditions brought on by COVID-19, the company retained all its staff through the pandemic by pivoting to producing personal protective equipment to support frontline workers.
"DTRT is excited to partner with IFC on our garment expansion initiatives. IFC's investment will enable us to expand our factory capacity, add new production equipment, and most importantly, to create good jobs for thousands of people in West Africa that will, in turn, allow them to develop new skills and invest in their own families and futures," said Marc Hansult, DTRT's Co-Founder and Co-CEO.
"The export-oriented apparel manufacturing industry is an important source of employment and skills development, particularly for women," said Kyle Kelhofer, IFC's Senior Regional Manager for Ghana. "DTRT is demonstrating the potential of this industry in Ghana, and its power to drive inclusive growth."
DTRT's vision, with IFC's support, is to lay the foundation for an integrated textile and garment value chain in West Africa.
The textile and apparel industry has been a key driver of exports, economic growth and higher-value manufacturing in many fast-developing countries, especially in Asia, creating tens of millions of jobs directly and indirectly.
IFC's investment and advisory support announced today builds on a partnership between IFC and DTRT announced in March to develop a sustainable fabric mill in Ghana. With IFC's support, DTRT is also exploring the potential to produce synthetic fibers and yarns—including from recycled materials—to further advance West Africa's position as a globally competitive textile hub while contributing to environmental restoration and climate change mitigation.
About DTRT
Founded in 2013, DTRT operates West Africa's largest apparel manufacturing business in the Greater Accra region of Ghana, which is supported by business development and sourcing teams in the U.S. and China respectively. The company offers textile and apparel development and manufacturing services via a unique global supply chain platform spanning three continents, allowing it to deliver quality, timely, high value and environmentally friendly solutions for large US and European apparel brands. DTRT, which stands for "Do the Right Thing", is a leader in sustainable water-free fabric applications and is deeply committed to improving the lives of its local workers, their families, and their communities. For more information, visit www.dtrtapparel.com
About IFC
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
About the IDA Private Sector Window
As part of the 19th replenishment of the International Development Association (IDA), the World Bank Group is continuing the IDA Private Sector Window (PSW) created under IDA18 to catalyze private sector investment in the poorest and most fragile countries. Recognizing the key role of the private sector in achieving IDA's objectives and the World Bank Group's twin goals, the window provides a source of co-investment funding and guarantees to de-risk private investments supported by IFC and the Multilateral Investment Guarantee Agency (MIGA). The IDA PSW is an option when there is no commercial solution and the World Bank Group's other tools and approaches are insufficient. For more information, visit: http://ida.worldbank.org/psw
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