PICIC II (DFC)

closed

The Second Pakistan Industrial Credit and Investment Corporation Limited Project will provide a loan of up to $10 million to the Pakistan Industrial Credit and Investment Corporation Limited (PICIC) to replenish its foreign exchange resources. PICIC's principal objectives are to assist in the creation, expansion, and modernization of small and medium-sized enterprises in the private sector of Pakistan's industry and to encourage private local and foreign capital participation in their financing. PICIC'S main activity has been in foreign exchange loans for financing imports of machinery, equipment, and technical services. Apart from one new sugar mill and a number of projects for small and medium-sized new plants, the financing was for modernization and rationalization and, to a lesser extent, for expansion of existing industries. The main beneficiaries of the financing were the sugar and textile industries. The remaining was for a number of projects mainly in the food processing, chemicals, and pharmaceuticals, mechanical, glass and ceramics, and miscellaneous small manufacturing industries.