The International Finance Corporation (IFC) and the government of Khyber Pakhtunkhwa (GoKP) province signed an agreement today to assist in the establishment of a landmark public-private partnership (PPP) for the construction of a state-of-the-art hospital with up to 500 beds in Peshawar, the provincial capital.
What is the role of the International Finance Corporation?
IFC assists developing nations in achieving long-term growth by funding investment, mobilizing funds on international financial markets, and providing advisory services to businesses and governments.
IFC, a member of the World Bank Group, will assist the government of Khyber Pakhtunkhwa in structuring the PPP deal, according to the agreement. The IFC team will also help the government in conducting a transparent and competitive bidding process to pick a private sector developer and operator for the tertiary care hospital.
“The new hospital, Pakistan’s first greenfield PPP in the healthcare sector, is planned to serve over 150,000 people yearly.” “We believe it will serve as a model transaction that will help us to replicate the initiative for other needed healthcare facilities,” stated Khyber Pakhtunkhwa Chief Minister Mahmood Khan.
“This initiative represents a significant step toward the government’s goal of improving access to high-quality tertiary healthcare across the province,” said the minister. It will show how the Sehat Sahulat card can be used to attract private sector investment in the development and operation of tertiary care facilities,” stated KP Finance and Health Minister Taimur Khan Jhagra.
Peshawar, Pakistan’s sixth-largest city, with a population of almost 2 million people and accounts for nearly a third of the province’s total hospital admissions. The new PPP is in addition to a $400 million Central Bank effort to improve the province’s healthcare system.
“Quality, cheap, and accessible healthcare is vital for Pakistan’s economic growth and development,” IFC Country Manager for Pakistan and Afghanistan.
The initiative is part of the World Bank Group’s strategy in Pakistan to help the private sector grow, establish markets, and enhance public service delivery.
