The International Finance Corporation (IFC), affiliated with the World Bank, has unveiled a robust $1.5 billion+ investment plan for Pakistan’s economy in collaboration with the Board of Investment (BoI). The investment announcement took place at the BoI headquarters, presented by BoI Secretary Muhammad Sohail Rajput and IFC Country Manager for Pakistan and Afghanistan, Zeeshan Sheikh.
This substantial commitment follows the IFC’s successful mobilization of $1.5 billion for FY23, signifying a noteworthy increase in investments for Pakistan compared to the previous year. Sheikh underscored the IFC’s objective to empower Pakistan’s private sector across vital domains, including access to finance, technological and digital infrastructure enhancement, fortification of the pharmaceutical sector, and support for export-oriented industries. He expressed confidence that these strategic investments would generate employment, bolster economic growth, and foster innovation, aligning with Pakistan’s economic vision.
Highlighting potential investment areas, Sheikh emphasized the IFC’s interest in climate-focused sectors, pharmaceuticals, agriculture, and the industrial and energy sectors. In addition to the IFC’s commitment, the World Bank is set to allocate over $3 billion for infrastructure development in Pakistan’s energy sector, further boosting the nation’s economic landscape.
Sheikh disclosed that the IFC had inked significant agreements, including a $500 million loan to Punjab and Khyber Pakhtunkhwa. Furthermore, a Memorandum of Understanding (MoU) was signed with the Sindh government to address the provision of clean drinking water to residents of Karachi.
