Pakistan-based packaging company Novatex has secured a loan of up to $20 million from IFC, a member of the World Bank Group. The funds are earmarked for importing raw materials and machinery to support local manufacturing and exports. IFC stated that the financing aims to bolster local manufacturing while supporting job creation, export revenues, and the stability of domestic supply chains, as well as reducing reliance on imported packaging supplies. Novatex is Pakistan's largest non-textile exporter, holding over 65% of the country's PET resin market share.