In Cairo: Riham Mustafa Phone: +20224614230 E-mail: RMustafa@ifc.org
In London Carmen Powell Phone: +44-207-722-0649 E-mail:email@example.com
Islamabad, Pakistan, April 4, 2011 -- IFC, a member of the World Bank Group, said today it has provided a $30 million loan to Engro Fertilizers Pakistan Limited, 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.
Guy Ellena, IFC Regional Industry Director for Europe, Middle East and North Africa, said, "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."
Engro and IFC's relationship spans more than 18 years. IFC previously financed the company's fertilizer, polymers, and energy businesses.
Engro and its subsidiaries employ over 4,500 people in economically depressed areas throughout Pakistan across a wide range of industries, and support community development by providing medical care and skills training to local people in the regions where it operates.
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.
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.
About Engro Fertilizers Pakistan Limited
Engro Fertilizers Limited, a wholly owned Engro subsidiary, is a premier fertilizer manufacturing and marketing company with products that focus on balanced crop nutrition and increased yield. The company markets primary and secondary fertilizers like Engro Urea, Engro DAP, Engro Zorawar, Engro Zarkhez and Zingro.