ISLAMABAD: To help a private sector company build a greenfield tire manufacturing facility in Sindh and increase local output, the International Finance Corporation (IFC) has partnered with a group of regional banks to offer up to $50.2 million in funding.
A $25 million loan from the IFC and an equal investment of up to $25.2 million in Pakistani rupees would be arranged by the consortium consisting of Habib Bank Ltd., Meezan Bank, Bank Alfalah, and Habib Metropolitan Bank.
Through technology and know-how transfers, the initiative is anticipated to boost the sector’s competitiveness and generate around 1,800 direct and indirect jobs.
The location of the tire manufacturing plant will be in Gharo town. According to a news statement from IFC, the project will bring a locally produced worldwide brand to Pakistan, enhancing consumer access to high-quality, reasonably priced tires while bolstering local supply chains, generating employment, and promoting growth driven by the private sector.
A locally produced worldwide brand will be introduced to Pakistan as part of the project, which will also strengthen local supply chains, generate employment, and support growth driven by the private sector. With operations in more than 85 countries and more than 50 years of experience in the tire industry, Armstrong ZE (Pvt) Ltd is the company that will build the tire production facility.
