Teteks 2

completed

IFC has been requested to help finance (a) the modernization of the textile operations, and (b) a newly formed Teteks corporate citizenship initiative (CCI) to help create job opportunities for the company''s laid-off workers. IFC has already provided a loan financing to Teteks in 1997, supporting a modernization program. The second project anticipated to further modernize its spinning, weaving, knitting and ready-made-garments ("RMG") facilities. New equipment will modernize the operations, enabling Teteks to (i) produce finer, higher quality, yarns with stretch (incorporating lycra), (ii) improve yarn dyeing facilities, (iii) enhance the finishing side of the fabric forming capacity, (iv) increase the range of knitwear products, (v) allow better quality consistency of the ready-made-garments factory, (vi) decrease waste, (vii) increase efficiency, and (viii) reduce energy usage. The textile operations project is expected to be completed by the end of 2003.CCI should help the company reduce its labor force in a socially responsible manner. The objective is to provide financing to Teteks'' laid-off workers to help them to start their own small businesses. Through this initiative, Teteks would help the community by providing commercially sustainable market opportunities to SMEs, creating new job opportunities, and fostering enterpreneurship.