Currently, a green tire factory in Pakistan named Armstrong Tires is being planned to serve the local replacement tire market, which currently mainly relies on imports.
The International Finance Corporation, a subsidiary of the World Bank, stated that the project costs US$92 million (equivalent to RMB 667 million) and will produce 1.4 million Armstrong brand passenger tires and light truck tires per year.
Armstrong Tires announced in its latest investment disclosure that the company, located in the suburbs of Karachi, Pakistan, has applied for a US$25 million capital loan from the International Finance Corporation.
The project will be held by Pakistan's Hussain and Yusufzai families. Additionally, they own Zafar in Pakistan and Zafco Holdings in the UAE.
Both Zafar and Zafco are engaged in the tire sales agency business, which also provides an industry foundation for setting up tire factories.
IFC said it will provide financial support for Armstrong Tire's construction and minimize environmental impact through its Responsible Investment Support for Emerging Economies (RISE) program to improve resource efficiency.
As part of the program, IFC is providing consulting services to assess and benchmark plant designs against global best practices to reduce energy and water consumption and improve waste management systems.
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