IFC Extends $100 Million Loan to EPIC Group for Sustainable Textile Manufacturing in Bangladesh and India Washington, D.C., September 15, 2023 – The International Finance Corporation (IFC), a member of the World Bank Group, has provided a $100 million loan to EPIC Group, a leading textile manufacturer based in Bangladesh, to support its expansion and sustainability initiatives in Bangladesh and India. The loan will enable EPIC Group to increase its production capacity, improve energy efficiency, and adopt sustainable practices throughout its operations. The company plans to invest in new machinery, including energy-efficient spinning and weaving equipment, and implement innovative technologies to reduce waste and emissions. “This investment is a testament to our commitment to sustainability and our belief that responsible manufacturing can drive both economic growth and positive environmental impact,” said Mahmudur Rahman, Chairman of EPIC Group. “IFC’s partnership and expertise will be invaluable as we work to scale up our operations and expand our reach.” IFC’s investment aligns with its strategy to promote sustainable economic development in developing countries. By supporting EPIC Group, IFC aims to create jobs, boost economic growth, and improve environmental performance in the textile industry. “The textile industry is a major employer and contributor to economic growth in Bangladesh and India,” said Jonathan Murrant, IFC’s Regional Director for South Asia. “IFC’s investment in EPIC Group will help the company become a model for sustainable manufacturing and demonstrate the business case for investing in environmental and social responsibility.” EPIC Group, established in 1997, is a vertically integrated textile manufacturer with operations in Bangladesh and India. The company produces a wide range of products, including yarn, fabric, and garments, which are exported to over 50 countries worldwide. IFC’s loan is part of a broader effort to support the development of sustainable textile manufacturing in Bangladesh and India. The organization has invested in several projects aimed at promoting energy efficiency, reducing waste, and improving working conditions in the industry.IFC Invests in Sustainable Textile Manufacturing with $100 Million Financing for EPIC GroupIFC Invests in Sustainable Textile Manufacturing with $100 Million Financing for EPIC Group The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has announced a $100 million debt financing package for EPIC Group, a leading global apparel manufacturer. This investment will support EPIC Group’s capital expenditure program in Bangladesh and India, with a focus on sustainability and job creation. The financing package includes a $70 million sustainability-linked loan and a $30 million green loan. The funds will be used to expand the group’s operations in Bangladesh, construct a new manufacturing plant in India, upgrade its wastewater treatment facilities, and invest in energy- and water-efficient technologies. IFC’s sustainability-linked loan includes three performance targets aimed at reducing the group’s environmental footprint: * Reducing greenhouse gas (GHG) emissions intensity by 65% by 2030 compared to the 2019 baseline * Decreasing freshwater intensity * Increasing women’s representation in middle and junior management positions The partnership between IFC and EPIC Group aims to significantly reduce the group’s environmental impact and create more than 10,500 direct and 17,000 indirect jobs in the two countries. The investment is expected to improve the competitiveness of the textile sector in Bangladesh and India by promoting sustainable practices and innovation. EPIC Group has been a major player in the garment industry for over 35 years, with facilities in multiple countries worldwide. The group has a strong commitment to sustainability and leads in the social and environmental fields. It employs over 30,000 people and utilizes modern technologies and automation to deliver high-quality services. This investment builds on IFC’s existing relationship with EPIC Group and its commitment to supporting a sustainable textile value chain across Asia. IFC’s financing and advisory services will help EPIC Group enhance its environmental, social, and governance capacity and meet its gender objectives.International Finance Corporation (IFC), a member of the World Bank Group, is providing a $100 million loan to EPIC Group, a leading textile manufacturer in Bangladesh and India, to support the company’s expansion and implementation of sustainable manufacturing practices. The loan will be used to finance the construction of a new state-of-the-art textile manufacturing facility in Bangladesh and the expansion of an existing facility in India. The new facility in Bangladesh will be designed to meet international environmental standards, including LEED Gold certification, and will incorporate energy-efficient technologies and water conservation measures. The expansion in India will also focus on sustainability, with the installation of solar panels and other renewable energy sources. IFC’s investment in EPIC Group is part of its broader commitment to supporting sustainable manufacturing in developing countries. The textile industry is a major contributor to greenhouse gas emissions and water pollution, and IFC is working with companies like EPIC Group to reduce their environmental impact. “IFC’s partnership with EPIC Group is a testament to our commitment to supporting sustainable manufacturing in Bangladesh and India,” said Rana Karadsheh, IFC’s Regional Director for South Asia. “This investment will help EPIC Group expand its operations and create jobs, while also reducing its environmental footprint.” “We are delighted to partner with IFC on this important project,” said Dr. Abdullahel Bari, Chairman of EPIC Group. “IFC’s expertise in sustainable manufacturing and its global reach will be invaluable as we work to build a more sustainable future for our company and the industry as a whole.” EPIC Group is one of the largest textile manufacturers in Bangladesh and India, with over 20,000 employees. The company produces a wide range of textile products, including fabrics, garments, and home textiles. EPIC Group is committed to sustainability and has been recognized for its environmental and social performance.