International Finance Corporation announces first local currency investment in Pakistan |
The International Finance Corporation (IFC) – the private sector arm of the World Bank Group – has announced its first local currency investment in Pakistan, which it said was aimed at strengthening the agriculture sector.
According to a press release issued by the IFC on Tuesday, its first Pakistani rupee-denominated investment via an unfunded partial credit guarantee of up to Rs33.6 billion would support long-term financing from Standard Chartered Bank Pakistan Limited to Engro Fertilisers Limited.
“The engagement marks IFC’s first local currency investment in Pakistan, thus expanding access to long-term financing solutions in both local and foreign currency, critical for economic growth, particularly in important sectors such as agriculture and micro, small, and medium enterprises,” the press release said.
It added that the financing would enable Engro Fertilisers to strengthen the agri-value chain in Pakistan by mobilising local capital.
“The investment — aimed at........