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WEEKLY
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| IFC invests $50m in Packages |
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Friday, April 17, 2009
By our correspondent
ISLAMABAD: The International Finance Corp (IFC), a member of the World Bank Group, is making a $50 million equity investment in the Packages Limited, Pakistan’s largest paper and board producer, to support a socially-responsible company that directly provides jobs for nearly 3,500 people and indirectly for about 27,000.
According to a statement issued by the IFC, the investment will help Packages enhance the company’s capital base, improve cost competitiveness and strengthen its ability to cope with the effects of the global economic crisis. With IFC’s support, the company will also undertake several programmes designed to have a positive impact on climate change. These include increased waste-paper collection and installation of waste-heat recovery systems and closed-loop systems for water at company factories.
IFC’s Director for Middle East and North Africa Michael Essex, said: “This investment underscores IFC’s commitment to providing its clients with capital and other support to help them withstand the global economic crisis.”
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ISSN 1563-9479 
