Good Fashion Fund's First Investment Demonstrates Impact
Summary
With the final disbursement of the loan made in June of this year, and the first on-site monitoring visit this week, the investment is already showing fruitful results and positive financial, environmental, and social impact in Pratibhas spinning, processing, and garmenting divisions.The USD 4.5 million investment committed by the Good Fashion Fund to Pratibha Syntex is to replace machinery in the spinning, processing, and garmenting divisions, as well as provide new equipment for the expansion of their activities and facilities. "With the capital provided by the Good Fashion Fund, Pratibha Syntex can invest in securing a sustainable future for our processes which will have positive, compounded effects along the value chain. - Shreyaskar Chaudhary, Managing Director, Pratibha Syntex LimitedThis week, the first on-site monitoring visit took place in which the Good Fashion Fund was supported by its advisors Sphera, FairwearFoundation, Global CAD and Adelphi to be able to establish progress made since the investment. The new spinning equipment (card chute, comber, ring frame, autoconer) operates significantly more efficiently than the legacy machinery, both in terms of energy usage and waste generated. - Kelly Clark, Director Finance and Capital Market Transformation at Laudes Foundation.Apart from manufacturing cotton, fibers, fabrics and apparel, Pratibha Syntex is also engaged in social initiatives to generate employment for women in rural communities.