IFC Backs Pakistan’s Novatex with $20 Million Financing Package

The financing provides Novatex with the liquidity required to import essential raw materials and specialized manufacturing equipment. By strengthening domestic production, the investment reduces reliance on foreign packaging imports, shielding local exporters from international supply chain shocks. Wagner Albuquerque de Almeida, IFC Director for Manufacturing, Agribusiness and Services for the Middle East and Central Asia, emphasized that competitive export-oriented industries remain vital for Pakistan’s long-term employment and economic stability.

Beyond basic production support, the deal integrates sustainability into the company’s growth trajectory. Novatex is currently expanding its capacity to produce recycled PET, a move designed to lower the demand for virgin raw materials. The IFC will also assist the firm in aligning its operations with global environmental and social performance standards. CEO Rizwan Diwan noted that this agreement marks the beginning of a broader partnership, positioning the company to scale its recycling efforts while maintaining the consistent supply levels required by the nation’s pharmaceutical and consumer goods sectors.