IFC vice president calls on finance minister

International Finance Corporation’s (IFC) Vice President of Portfolio Management, Saran Kebet-Koulibaly called on the Finance Minister, Senator Mohammad Ishaq Dar here on Wednesday.

Kebet-Koulibaly was accompanied by Country Director World Bank Patchamuthu Illangovan, IFC Regional Director for Middle East and North Africa Mouayed Makhlouf, and Principal Country Officer, IFC Shabana Khawar. The finance minister welcomed Kebet-Koulibaly to Pakistan, who is on her first visit to Pakistan.

He said the partnership with the IFC has strengthened in recent years. The minister highlighted his meeting with the CEO of IFC,Philippe Le Hou Rou, in April during the spring meetings of the World Bank and IMF in Washington DC. He said the government of Pakistan and IFC have agreed, in principle, to set up the proposed Pakistan Infrastructure Bank (PIB), with 20% equity stake each.

He said once established, PIB will complement the government’s infrastructure initiatives by enhancing private financing and investment for infrastructure projects in the country.
The minister also highlighted the partnership between the government of Pakistan, KFW and DFID in the Pakistan Microfinance Investment Company (PMIC), which has been established recently.

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Kebet-Koulibaly thanked the finance minister for his leading role in strengthening the trust and partnership between IFC and the government of Pakistan. She apprised the minister of the fact that IFC has been engaged with international investors and multilateral development partners, including Asian Development Bank, for participation in
PIB.

She highlighted that the response from investors on PIB has been very encouraging. Kebet-Koulibaly highlighted that she has felt a strong sense of optimism regarding Pakistan’s business and economic outlook during her ongoing visit. She emphasized the commitment of IFC to further expanding its presence and investment portfolio in Pakistan and also acknowledged that participation in PIB will play an important role in this regard.

The meeting was also attended by the Finance Secretary, Secretary EAD and senior officials of the Ministry of Finance and Economic Affairs Division.

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