IFC Doubles Investment in Pakistan, Pledges $1.5 Billion for Private Sector Growth

The International Finance Corporation (IFC), part of the World Bank Group, has significantly increased its financial commitment to Pakistan, pledging over $1.5 billion. This investment, which is double the amount contributed by the IFC in the previous year, is designed to stimulate the private sector and support industries focused on exports. The announcement was made by IFC Country Manager Zeeshan Sheikh and Board of Investment (BoI) Secretary Muhammad Sohail Rajput.

The IFC’s investment strategy aims to enhance access to finance, improve technical and digital infrastructure, promote growth in the pharmaceutical sector, and strengthen export industries. The corporation also identifies opportunities for further investments in climate-focused areas, agriculture, and various industrial sectors, reflecting its commitment to sustainable development.

In addition to the IFC’s financial pledge, the World Bank has also committed over $3 billion for infrastructure development within Pakistan’s energy sector. This substantial support underscores the global financial institution’s dedication to fostering economic growth and improving infrastructure in the country.

As part of this financial commitment, agreements totaling $500 million have been signed with the governments of Punjab and Khyber Pakhtunkhwa for essential projects aimed at societal development. A memorandum has also been established with the Sindh government to supply clean drinking water to Karachi, addressing a critical need in Pakistan’s largest city.

These financial commitments from the IFC and the World Bank underscore their ongoing support for Pakistan’s economic development initiatives and demonstrate their confidence in the country’s potential for sustainable growth.