Original disclosure @ IFC website
Updated in EWS May 27, 2021
Disclosed by Bank Jun 30, 2021
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According to the bank document, "IFC has partnered with G&T Tyres (Private) Limited (a wholly owned subsidiary of Novatex Limited), a limited liability company established under the laws of the Islamic Republic of Pakistan, under a Collaboration Agreement to co-fund and collaborate on a scoping study to evaluate the prospects of a potential ~$250 million Tire Manufacturing Plant. Following the conclusion and outcomes of the scoping study, and if the parties mutually agree, the parties will proceed with further prefeasibility or feasibility studies to confirm project viability under a Joint Development Agreement with the aim of eventually co-investing in a commercial facility".
The Project will support the continued growth of the automotive industry in Pakistan, through value addition and contribute to the country’s exports and thus improve Pakistan’s balance of payments. Through domestic production of tires in Pakistan, the project seeks to contribute to the development of the domestic value chain, with local producers providing raw materials required in the tire manufacturing. The Project is also expected to create direct jobs as well as indirect jobs in the supply chain and distribution network.
*No contact details have been disclosed by the bank at this stage of the project*
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