International Finance Corporation (IFC), a member of the World Bank Group, is
investing in Matco Rice Processing, Pakistan’s leading basmati rice exporter to
help the company expand its production capacity and increase exports, supporting
trade and spurring economic growth. IFC would make a $5 million equity
investment in Matco, which the firm would use to boost production at its plant
in the village of Sadhoke, Gujranwala.
Matco would buy high-quality
paddy rice directly from farmers in the Gujranwala area, the largest basmati
rice producing district in Pakistan. That would help improve the efficiency of
the local supply chain and reduce losses due to spoilage. IFC investment would
also help Matco increase its trade and export operations and generate new
employment opportunities in the region. “Our partnership with IFC would help
Matco achieve new heights in exporting, earning valuable foreign currency for
the country,” said Jawed Ali Ghori, Managing Director of Matco. The move will
also help the transition of Matco from a family owned company to a publicly
listed company and make the planned initial public offering more appealing to
potential investors. staff report
Source: Daily Times
