An International Finance Corporation (IFC) delegation and Finance Division officials hashed out policies, aimed at driving industry-led economic growth, focusing on export-based expansion, as Pakistan steps up efforts to secure financing in the $20 billion private sector investment programme.
The visit follows a first-of-its-kind agreement with the World Bank for a plan to focus $20 billion in lending to the nation over the coming decade on development issues like the impact of climate change as well as boosting private-sector growth.
This commitment of IFC is over and above the $20 billion committed by the WB through IDA (concessional finance window) and IBRD. Taking the cumulative investment of the WB group to $40 billion over the next decade.
“IFC is committed to working closely with Pakistan and providing support in key areas such as green energy, data centres, agricultural supply chain improvements, the telecom sector, and digitisation,” Makhtar Diop, Managing Director & Executive Vice President of the IFC said in a high-level meeting at the Finance Division.
During a meeting with Finance Minister Mohammad Aurangzeb and his team, Diop, leading the delegation of top IFC officials, commended Pakistan’s Country Partnership Framework (CPF) with the World Bank, calling it a global best practice.
The IFC top executive was accompanied by Hela Cheikh Rouhou, Regional Vice President (MCT Region), Khawaja Aftab Ahmed, Regional Director (Middle East, Pakistan, and Afghanistan), Najy Benhassine, Country Director (World Bank Pakistan), and Zeeshan Sheikh, Country Manager (IFC Pakistan & Afghanistan).
He noted that private sector stakeholders in Pakistan had expressed confidence in the government’s economic policies and were appreciative of the progress being made.
Aurangzeb was joined by Dr Syed Tauqeer Hussain Shah, Executive Director (Pakistan) at the World Bank Group, the Finance Secretary, Imdad Ullah Bosal and senior officers from the Finance Division.
The finance minister highlighted the government’s recent declaration of warehousing as an industry and reaffirmed its commitment to public-private partnerships (PPPs) in infrastructure, IT, data centres, and AgTech.
Speaking to The News a day earlier, IFC Pakistan’s Dr Shah said that the recently approved $40 billion country partnership framework for the next decade is a huge expression of confidence by the group in Pakistan’s reform agenda and economic consolidation during last two years, and MD IFC visit almost after a decade is further endorsement of this confidence.
