 Guy Ellena.jpg)
Guy Ellena, Regional Industry Director (Europe, Middle East and North Africa), IFC.
ISLAMABAD, PAKISTAN: IFC, a member of the World Bank Group, said it has provided a $ 30 million loan to Engro Fertilizers Pakistan Ltd, a wholly-owned subsidiary of Engro Corporation, to help the company with an expansion plan that will more than double production and create job opportunities.
IFC’s investment will help Engro increase production of urea fertilizer, the most important nitrogenous fertilizer, from 0.9 million tons per year to 2.20 million tons per year, supporting Pakistan’s important agriculture sector, which was hit by heavy floods in 2010. The loan will also help Engro become a larger, regional player in the fertilizer industry, and help Pakistan become self sufficient in urea fertilizer production.
“IFC’s financing package will have a positive impact on Pakistan’s crops industry, which was severally damaged by the 2010 floods. Engro’s expansion project will support local business activity and economic growth in rural areas of Pakistan,” said Guy Ellena, Regional Industry Director (Europe, Middle East and North Africa), IFC.
Pakistan is a priority country for IFC. Through both its investment and advisory services IFC works to enhance the country’s infrastructure and ensure Pakistan businesses can tap in to the global marketplace. In fiscal year 2010 IFC committed over $ 516 million in the country, including $ 380 million in trade finance assistance to 11 banks. To date, IFC has committed almost $ 3 billion of its own funds in Pakistan.
(C) WOC News