Packages RE (IFC-41590)

Countries
  • Pakistan
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Packages Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 41.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 5, 2019

Disclosed by Bank May 20, 2019


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Project Description

According to the bank website, "the proposed investment will support Packages Limited to: (i) debottleneck its flexible packaging and carton line operations; (ii) undertake certain resource efficiency measures identified by IFC Advisory Services to conserve energy and water usage; and (iii) increase investment in one of its overseas subsidiaries." 

Investment Description
  • International Finance Corporation (IFC)
Private Actors

According to IFC, Packages was founded in 1957 by the Wazir Ali family, who is the key sponsor shareholder. The Ali family and associate companies holds about 54.49% in Packages. The balance is held by local institutional investors (10.92%), general public (21.56%), Stora Enso (6.04%) and foreign investors (6.99%).

Contact Information

Packages Limited
Asghar Abbas
Head of Packaging
+92-42-35811541-46
asghar.abbas@packages.com.pk
Shahrah-e-Roomi, P.O. Amer Sidhu, Lahore-54760, Pakistan
http://www.packages.com.pk/

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/