One of the largest producers of jeans in Pakistan, Crescent Greenwood Ltd, has signed an agreement with the International Finance Corporation (IFC) for a restructuring package of $30m.

The package will inject new equity, replenish working capital, and provide a basis for the restructuring of existing debt. Guarantees are being provided to two banks - United Bank Ltd and ABN Amro - to convert existing foreign currency debt to rupees, and extend maturities on existing obligations

It is the first time that IFC has provided a syndicated guarantee facility.

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