International Finance Corporation announces $1.5 billion investment
blueprint for Pakistan
The Board of Investment (BoI) and the International Finance
Corporation (IFC), a World Bank-affiliate, have unveiled an ambitious
investment plan. In this groundbreaking initiative, the IFC has committed to
infuse more than $1.5 billion into Pakistan's economy through both short- and
long-term investments, with the goal of propelling the country into a new era
of prosperity and development, as announced by the BoI on Thursday.
This commitment by the IFC comes on the heels of their
successful mobilization of $1.5 billion in FY23, representing a substantial
increase in investments in Pakistan compared to the previous year.
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The steadfast commitment of the World Bank to Pakistan, even
in the face of economic challenges, underscores the country's strategic
importance on the global stage, according to the BoI.
The unveiling of the investment plan took place at the BoI
headquarters, with BoI Secretary Muhammad Sohail Rajput and IFC Country Manager
for Pakistan and Afghanistan, Zeeshan Sheikh, officiating the event.
Mr. Sheikh emphasized the IFC's mission to unlock Pakistan's
private sector potential by focusing on key areas, including improving access
to finance, enhancing technical and digital infrastructure, strengthening the
pharmaceutical sector, and supporting export-oriented industries.
These pivotal investments are expected to generate job
opportunities, stimulate economic growth, and foster innovation, aligning with
Pakistan's economic vision for the future.
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Mr. Sheikh also highlighted the vast potential for
investments in Pakistan's climate-focused sectors, pharmaceutical industry,
agriculture, industrial, and energy sectors, demonstrating a strong commitment
to sustainable development.
In addition to the IFC's contribution, the World Bank has
allocated over $3 billion for infrastructure development in Pakistan's energy
sector.
Mr. Sheikh further announced that two significant agreements
were signed with the government, providing loans worth $500 million to Punjab
and Khyber Pakhtunkhwa for critical projects. Additionally, a memorandum of
understanding was inked with the Sindh government to provide clean drinking
water to a significant population in Karachi, addressing a pressing societal
need.
Source: Dawn