Morris Holdings receives funding for expansion in Cambodia

Morris Holdings Limited, a China-based manufacturer of affordable furniture, has received $26mn in the form of a convertible loan from the International Finance Corporation (IFC) to expand its operations in Cambodia and China. According to a statement released by the IFC, the loan will help Morris complete the installation of a modern production facility in Sihanoukville Special Economic Zone, with the new plant expected to create jobs for approximately 800 Cambodians while connecting the country’s nascent furniture industry with the global market. Vivek Pathak, IFC’s director for East Asia and Pacific, said the project is a great example of how IFC is supporting an international player to expand in Cambodia. The funding allows IFC to help Cambodia diversify industries in addition to textiles and garments, and support productivity-led growth in China. (Source: Khmer Times)