Engro, IFC signed an agreement for InfraVentures
December 6th, 2017 | No Comments
Engro Corporation signed an agreement with the International Finance Corporation (IFC), World Bank member, to discover growth opportunities in underdeveloped coordination sector of Pakistan.
Engro would develop joint solutions for products that need temperature controlled logistics (TCL), such as agricultural yield, medicines, and fresh food commodities among others under the agreement. It would develop opportunities with IFC InfraVentures in the temperature controlled logistics industry.
Engro, refer to an estimate, said Pakistan loses approximately 35 to 40% of its fruits, vegetables, and dairy products because of poor post-harvest management practices.
Ghias Khan, president of Engro Corporation said in a statement that Pakistan’s performance on most logistical indicators, including the quality of trade and transport infrastructure, lags many emerging Asian countries.
Another Engro’s official said the partnership involves technical help from IFC in conducting a study that costs the economy 4-6% of GDP a year due to its incompetence.
Engro Corporation and IFC have partnered on many key projects in Pakistan in the past. IFC’s Senior Manager for Infrastructure Wiebke Schloemer said that we are again together in a venture to enhance efficiencies in the supply chain for fresh commodities and overlay for Pakistan to lessen food losses and improve product quality.
IFC had loaned $20 million to set up first liquefied natural gas (LNG) terminal Engro Elengy Terminal Private Limited. Logistics sector is a new for Engro, but also the coal mining, food, and LNG re-gasification.
Engro aims to explore and develop an integrated platform for giving warehousing and logistics solutions to several industries, such as agriculture, restaurants, and healthcare, which need reliable TCL solution to run effectively, while focusing on their core business.
With the infrastructure development projects such as China-Pakistan Economic Corridor, a One-Belt-One-Road initiative, and development of rail and road links with adjoining countries will Pakistan make it more competitive in the global markets due to its ability to move goods quickly, effectively, and reliably across borders.
Published in: Volume 08 Issue 49
Short Link: https://www.technologytimes.pk/?p=19607