The UK provides 10,000 pounds to support the construction of garment factories in Jordan
UK Export Finance has signed a £66 million ($80 million) agreement to support the construction of four new garment factories in Aqaba, Jordan.
UK Export Finance (UKEF) recently announced this deal to promote the construction of 4 factories of Classic Fashion Apparel Industry Group, including 3 satellite manufacturing factory to strengthen the Jordanian textile industry.
Classic Fashion supplies a variety of products including sportswear, outerwear, denim, twill, dress pants, and workwear. Previous clients include Under Armour, Walmart, Hanes Brands, Lands’ End, One Jeanswear Group, American Eagle Outfitters, and Gap.
UKEF stated that its daily output is about 550,000 pieces of clothing, accounting for more than 42% of all Jordanian clothing exports. The company will produce 130 million pieces of clothing in 2021 and expects output to grow to 165 million pieces this year.
UKEF’s support through a combination of direct loans and buyer’s credit guarantees has enabled Classic Fashion to rapidly advance its plans and benefit from its flexible repayment terms .
The newly planned site is located in the Aqaba Special Economic Zone and is expected to create approximately 4,000 job opportunities in Jordan by 2024. Provide different levels of job opportunities for the local community, with growth potential and opportunities to enter the garment manufacturing industry. The location is close to the port of Aqaba, providing export advantages for classic fashion. The plan will help promote manufacturing exports and employment, in line with the industrial goals included in Jordan’s recently launched Economic Modernization Vision 2033.
Sanal Kumar, chairman and managing director of Classic Fashion Clothing Group, said: Classic Fashion is committed to providing the best services to people in rural areas of Jordan and we will focus on vertical Expand to include SME units in the open source manufacturing excellence program and improve efficiencies.
Ms. Bridget Brind OBE, British Ambassador to Jordan, said of the deal: This will help create new jobs and increase exports, adding to Jordan’s economy Contribute to growth and future prosperity. I hope this case can serve as a successful example and inspire more similar agreements in the future, benefiting both Jordan and the UK.
As part of a regional visit, the British Secretary of State for Asia and the Middle East, Ms. Amanda Milling MP, is visiting Jordan. She is enthusiastic about the initiative and the opening of a new hotel in Aqaba. Garment and textile factories welcomed the move.
The British government’s support for industry will go far beyond the funding scheme, because more than 30% of the services and supplies under the scheme, such as machinery and other construction materials, will come directly from the UK of suppliers.
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