IFC, World Bank to invest $4.5bn to transform Pakistan's economic outlook

November 03, 2023 (MLN): In a revolutionary development poised to transform Pakistan's economic outlook, the International Finance Corporation (IFC) and the World Bank have announced a groundbreaking investment of $4.5 billion in the country, as revealed in a press release issued on Thursday.

This significant initiative was revealed during a meeting at the BOI office between Muhammad Sohail Rajput, Secretary of the Board of Investment (BOI), and Zeeshan Sheikh, the Country Manager for Pakistan and Afghanistan at IFC.

Together, they unveiled a visionary investment plan to catapult Pakistan into a new era of prosperity and development.

At the core of this initiative is the IFC's resounding commitment to inject a staggering more than $1.5bn into Pakistan's economy through both short-term and long-term investments in future.

This remarkable pledge follows the IFC's successful mobilization of $1.5bn in Pakistan during the fiscal year ending June 2023, marking a significant doubling of investments compared to the previous year.

The World Bank's steadfast dedication to Pakistan, even amid economic challenges, underscores the country's strategic importance on the global stage.

Zeeshan Sheikh underscored the IFC's mission to unlock Pakistan's private sector potential by focusing on key areas such as enhancing access to finance, improving technical and digital infrastructure, strengthening the pharmaceutical sector, and supporting export-oriented industries.

These pivotal investments are poised to create jobs, foster economic growth, and drive innovation, aligning with Pakistan's economic vision for the future.

He also highlighted the vast potential for investments in Pakistan's climate-focused sectors, Pharmaceutical Space, Agriculture, Industrial and Energy sectors, demonstrating a keen commitment to sustainable development.

In addition to the IFC's contribution, the World Bank will allocate over $3 billion for infrastructure development in Pakistan's energy sector.

Zeeshan Sheikh said two significant agreements were signed with the government, providing loans worth $500 million to Punjab and Khyber Pakhtunkhwa provinces for critical projects.

Furthermore, a memorandum of understanding was inked with the Sindh government to provide clean drinking water to a substantial population in Karachi, addressing a crucial societal need.

Secretary BOI, Sohail Rajput, reaffirmed the government's unwavering dedication to attracting foreign investment and fostering a conducive environment for investors.

He emphasized the immense potential across various sectors for foreign investors, showcasing Pakistan as a prime destination for business opportunities.

Addressing concerns about the Specialized Investment Facilitation Council (SIFC), Zeeshan Sheikh clarified its alignment with the BOI, ensuring a seamless and coordinated approach.

Sohail Rajput assured investors about the SIFC's active and effective role under BOI, supported unequivocally by the Prime Minister and his Cabinet.

This historic collaboration between the World Bank, IFC, and BOI signals a new dawn for Pakistan's economic development, promising unparalleled opportunities for both short-term and long-term investments.

Together, these organizations are not only driving economic growth but also creating jobs and ushering in a transformative era for Pakistan.

The world is invited to join hands in scripting this inspiring chapter of Pakistan's progress and prosperity.

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