Crescent Greenwood Limited

MIGA and the IFC have jointly assisted Greenwood Mills Incorporated (GMI), based in the United States, in establishing a fully-integrated denim garment production facility in Faisalabad, Pakistan. The Pakistani company, Crescent Greenwood Limited (CGL), includes facilities to spin, weave, finish, cut, wash, and dry denim. Two sewing and stitching factories are also in operation near the main factory. In addition, an electrical generating facility will be built to provide the necessary power to the facility.

This project is the largest foreign investment in the textile sector in Pakistan and is a joint-venture between GMI (32 percent ownership), the locally-owned Crescent Textile Mills (34 percent), and the general Pakistani public (24 percent). The project will supply more than 70 percent of the country's annual jean production output and approximately eight percent of its total cotton garment exports. COL will purchase most of the cotton to be used in the manufacturing process from Pakistani producers.

During its first five years of operation, the project is expected to generate annual export revenues of $52.7 million and $1.26 million in tax and duty payments to the Government of Pakistan. All of the output will be exported to Europe and Japan. As one of the largest employers in Pakistan's textile industry, the project will provide jobs for approximately 2,750 Pakistanis, some of whom will be trained in the United States. MIGA issued guarantees for $8.4 million against the risks of currency transfer, expropriation, and war and civil disturbance.