ISLAMABAD IFC, a member of the World Bank Group, has signed a $50 million financing agreement with Engro Chemicals Pakistan Ltd. to help the company expand and create jobs in Pakistan. IFC will provide Engro with a $35m corporate loan and a $15m quasi-equity loan that will be convertible into common shares. Engro will use the loans to expand into the dairy business and support its corporate growth strategy of becoming a leading regional company. IFC has once again responded to our needs by putting together a financing package that allows us to continue expanding our business at a time when overseas financing for projects in Pakistan is limited, said Engro CEO Asad Umar. They have been a true long-term partner and we continue to draw on their global expertise as we position ourselves to become an industry - leading multinational. Engro and IFCs relationship spans over 18 years, with IFC previously financing the companys fertilizer, polymers, and energy businesses. Engro serves more than 3m consumers across a range of products and employs over 4,500 people in economically depressed areas throughout Pakistan. The company also is dedicated to the development of the communities in which it operates, providing medical care and skills training to local people. Companies like Engro are creating the economic opportunities that people in Pakistan need to escape poverty, said Marcene Broadwater, Global Head of IFC Chemicals. Engros management team is demonstrating that with proper leadership and financing, companies in Pakistan can continue to grow and succeed despite the countrys difficult environment. IFC is the only int'l financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets.