IFC commits to injecting over $1.5bn into Pakistan’s economy

Two agreements are also signed with the government, providing loans worth $500 million to Punjab and Khyber Pakhtunkhwa for critical projects

The International Finance Corporation (IFC), a World Bank affiliate, has committed to investing over $1.5 billion in Pakistan’s economy through short-term and long-term initiatives.

Zeeshan Sheikh, the IFC Country Manager for Pakistan and Afghanistan, met with Muhammad Sohail Rajput, Secretary of the Board of Investment (BOI), at the BOI headquarters on Thursday. During the meeting, they unveiled the investment plan and outlined its primary goals.

This commitment signifies an increase in investment in Pakistan, with the IFC successfully mobilizing $1.5 billion in FY23, doubling its investments compared to the previous year.

Sheikh stressed the IFC’s mission to unlock Pakistan’s private sector potential by focusing on crucial areas, including improving access to finance, enhancing technical and digital infrastructure, strengthening the pharmaceutical sector, and supporting export-oriented industries.

These strategic investments are expected to generate employment, stimulate economic growth, and promote innovation, aligning with Pakistan’s economic vision for the future.

IFC’s country head also emphasized the significant potential for investments in Pakistan’s climate-focused sectors, pharmaceutical industry, agriculture, industrial, and energy sectors, showcasing a strong commitment to sustainable development.

He revealed that two important agreements were signed with the government, providing loans worth $500 million to Punjab and Khyber Pakhtunkhwa (KPK) for critical projects. Additionally, a memorandum of understanding was signed with the Sindh government to address a pressing societal need by providing clean drinking water to a substantial population in Karachi.

In addition to the IFC’s contribution, the World Bank has pledged to allocate over $3 billion for infrastructure development in Pakistan’s energy sector, further bolstering the nation’s economic prospects.

BoI Secretary Sohail Rajput reiterated the government’s commitment to attracting foreign investment and creating a favorable environment for investors.

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