IFC and Packages Ltd sign a five-year loan investment of $25 million

By MG News | July 20, 2020 at 02:13 PM GMT+05:00

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July 20, 2020: International Finance Corporation (IFC), a member of the World Bank Group, has signed a deal for a five-year loan investment of US$25 million in Packages Limited, one of Pakistan’s leading packaging and tissue paper producers, to modernize its operations, and cut its water and energy use.

IFC has been advising Packages on ways to cut its water and energy use, in a country ranked as among the world’s most energy-intensive and facing water shortages.

By adopting resource efficiency measures, Packages will be able to annually decrease greenhouse gas (GHG) emissions by about 11,000 tons of carbon dioxide equivalent and save about 43,000 megawatt-hours (MWh) and about 214,000 cubic meters (m3) of water per annum. Overall the company will save annually about $1.4 million in its operation.

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