Pakistani packaging producer Novatex has received a $20 million loan from the International Finance Corporation (IFC), the World Bank Group’s private sector investment arm.
The financing will support Novatex’s import of raw materials and equipment for packaging production. Its products are used by export-oriented industries, including food processing, pharmaceuticals, and consumer goods.
IFC said the investment would support domestic packaging supply and reduce reliance on imports, while helping manufacturers manage potential supply disruptions.
Novatex produces PET resin, rPET, PET preforms and BOPET films. It exports these PET products to more than 40 countries.
The company operates two PET recycling plants and is expanding its rPET capacity. IFC will also support Novatex in aligning its operations with the organisation’s environmental and social performance standards.
Export-oriented manufacturing
Founded in 1991, Novatex is Pakistan’s largest non-textile exporter, according to IFC, and holds more than 65 per cent of Pakistan’s PET resin market. It also holds more than 50 per cent of the market in each of its other segments.
The financing comes as packaging materials remain an important input for Pakistan’s export-oriented manufacturing industries, including food processing, pharmaceuticals and consumer goods.
Wagner Albuquerque de Almeida, IFC director of manufacturing, agribusiness and services for the Middle East and Central Asia, said: “Pakistan’s long-term economic growth depends on sustaining competitive, export-oriented industries that create jobs, generate foreign exchange, and invest for the future.
“IFC’s investment in Novatex will help sustain employment, support export competitiveness, and strengthen the resilience of a key manufacturing sector while advancing more sustainable production practices.”
