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Saturday, 2 July 2022

UK to provide US $ 80 million support to construct 4 new apparel facilities in Jordan

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UK Export Finance (UKEF) has signed a US $80 million (GBP 66 million) deal to support the construction of four new apparel facilities in Aqaba, Jordan.

The initiative aims at facilitating the construction of factories for Classic Fashion Apparel Industry Group, which include three satellite manufacturing units, enhancing Jordan’s garment manufacturing industry.

The UKEF is providing support through a combination of direct lending and a buyer credit guarantee, allowing Classic Fashion to move quickly with its project and benefit from its flexible repayment terms.

The new planned site, located in Aqaba Special Economic Zone, is expected to create around 4,000 jobs for Jordanians by 2024.

Jobs for the local community are offered at varying levels, with the potential to grow and the opportunity to enter the business of garment manufacturing.

Classic Fashion has an exporting advantage as the location is near Aqaba port. The project will contribute to boosting manufacturing exports and jobs, in line with the targets for the sector contained in Jordan’s recently launched Economic Modernisation Vision 2033.

Sanal Kumar, CMD, Classic Fashion Apparel Industry, said “Classic Fashion is committed to giving its best to the deserving people in the rural areas of Jordan,” adding that it would focus on vertical expansion, bringing SME units into open-source manufacturing excellence programme, and efficiency enhancement.”

Bridget Brind OBE, British Ambassador to Jordan, said “It will help create new jobs and increase exports, contributing to Jordan’s economic growth and future prosperity. I hope it can act as a success story which can inspire more similar agreements in the future for the benefit of Jordan and the United Kingdom.”

The UK’s support will extend beyond the funding scheme, as more than 30 per cent of the services and supplies for the project, such as machinery and other building materials, will come directly from UK providers.

Classic Fashion supplies a wide range of products including activewear, outerwear, denim, twill, formal pants and workwear. Previous customers include Under Armour, Walmart, HanesBrands, Lands’ End, One Jeanswear Group, American Eagle Outfitters and Gap.

The company produced 130 million garments in 2021 and expects production to grow to 165 million garments this year.

Source : https://in.apparelresources.com/