Pakistan, Aug. 8 -- The International Finance Corporation (IFC) has announced an investment of up to US$20 million in Pakistan's leading plastic packaging manufacturer, Novatex Limited, to support import of essential raw materials and equipment. It is aimed at strengthening export competitiveness, sustaining jobs and promoting environmentally sustainable production, a World Bank news release said on Friday.

The IFC, a member of the World Bank Group, said the financing would help strengthen Pakistan's packaging industry, which serves key export-oriented sectors including food processing, pharmaceuticals and consumer goods. The investment would enable Novatex Limited to import critical raw materials and machinery, ensuring a stable domesti...