ISLAMABAD, Oct 29: International Finance Corporation (IFC) will offer $35 million to a private sector company to help improve its existing fibre network.

IFC — a private sector window of the World Bank — is extending this loan to Dewan Salman Fibre Limited (DSFL) to also help re-profile its existing debt.

A concerned official told Dawn that 20,000 new lines will be added to DSFL’s existing fibre network to replace it with “Speciality Fibre”.

A formal agreement for new financing between IFC and DSFL will be signed on October 31. The signing ceremony will also be witnessed by Finance Minister Shaukat Aziz.

The official said that IFC which was resuming its loaning to the private sector after about four years would support the development of new products to better meet the needs of the private sector.

The new assistance, he said, would specially focus on long term financing for infrastructure and expand access to financial services to new clients like bankable poor through micro finance or leasing institutions and to under served small and medium enterprises.