Funding secured for Armstrong tyre plant
The International Finance Corporation (IFC) and a consortium of banks in Pakistan are providing up to US$50.2 million in financing to Armstrong ZE Pvt. Ltd. to increase local tyre production. Armstrong ZE, a member of the same group of companies as UAE-based Zafco Group Holding, intends to invest an estimated US$92 million in a plant capable of producing 1.4 million Armstrong brand tyres a year.