The International Finance Corporation (IFC), a World Bank member, committed approximately $1.5 billion in short- and long-term investments in Pakistan in fiscal year 2023, more than doubling its investments from the previous year, according to a press release issued on Tuesday.
The IFC, the world’s largest development organisation concentrating on the private sector in emerging countries, stated that its projects in Pakistan aim to create much-needed jobs, promote private-sector productivity, improve gender inclusion, and address the effects of climate change.
“Our investment and advisory programmes over the last fiscal year demonstrate IFC’s commitment to assisting Pakistan’s private sector in realising its significant potential,” said Zeeshan Sheikh, IFC Country Manager for Pakistan and Afghanistan.
“Moving forward, we want to focus more on facilitating access to finance, particularly for MSMEs, sustainable and digital infrastructure, and support for export-oriented industries that help create jobs and are critical to the country’s economic growth.”
The IFC stated that investments in agriculture and healthcare were among the strategic areas of involvement during the previous year.
The banking institution made an investment in the agricultural industry by providing operating money to local farmers and distributors.
“To help meet growing healthcare needs, IFC also supported Alliance Healthcare to enable the private healthcare provider in Khyber Pakhtunkhwa province to expand its Northwest Teaching Hospital and Northwest General Hospital,” the statement stated.
Along with these investments, the IFC increased its banking sector support to develop manufacturing and export-oriented industries, as well as to assist smaller enterprises in strengthening their value chains.
The IFC expanded its consulting work to engage with the State Bank of Pakistan (SBP) to develop environmental and social risk management frameworks for the country’s banking industry to promote climate action, sustainability, and gender inclusion, according to the release.
It developed the Climate2Equal Initiative to assist businesses in increasing female employee engagement in climate-related actions and policy decisions.
“Through its PPP Advisory unit, IFC is currently assisting the Pakistan Civil Aviation Authority as the lead transaction advisor in structuring a private concession to upgrade airports in Islamabad, Lahore, and Karachi.”
“The country’s first-ever airport PPPs are expected to transform the sector, maximise revenue for the government, and provide improved services to the public,” according to the announcement.
It developed the Climate2Equal Initiative to assist businesses in increasing female employee engagement in climate-related actions and policy decisions.
“Through its PPP Advisory unit, IFC is currently assisting the Pakistan Civil Aviation Authority as the lead transaction advisor in structuring a private concession to upgrade airports in Islamabad, Lahore, and Karachi.”
“The country’s first-ever airport PPPs are expected to transform the sector, maximise revenue for the government, and provide improved services to the public,” according to the announcement.
