KARACHI, Dec 20: The International Finance Corporation (IFC), the private sector arm of the World Bank Group, has signed an agreement to provide a partial credit guarantee in local currency to Pakistan’s Institute of Business Management.

The partial credit guarantee will be provided on a long-term loan by ABN Amro Bank, Pakistan, and involves up to Rs203 million on a 7-year senior loan of Rs350 million.

IFC’s financing will enable the institute to increase its capacity from 3,000 to 5,400 students including about 800 students in a future elementary, middle and high school.

The funds will be used to acquire up to 10 acres of land near the existing campus and construct a new college building, an auditorium, a residential block for staff and faculty members and an apartment building for staff, says a press release.