IFC vice president calls on finance minister

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APP72-10 ISLAMABAD: May 10 - IFC’s Vice President of Portfolio Management, Ms. Saran Kebet-Koulibaly called on Finance Minister, Senator Mohammad Ishaq Dar at the Prime Minister’s Office. APP

ISLAMABAD, May 10 (APP): International Finance Corporation’s
(IFC) Vice President of Portfolio Management, Saran Kebet-Koulibaly wednesday called on the Finance Minister, Senator Mohammad Ishaq
Dar here on Wednesday.
Kebet-Koulibaly was accompanied by Country Director World Bank
Patchamuthu Illangovan, IFC Regional Director for Middle East and North Africa Mouayed Makhlouf, and Principal Country Officer, IFC Shabana Khawar.
The finance minister welcomed Kebet-Koulibalyto Pakistan,
who is visiting Pakistan for the first time.
He said the partnership with the IFC has strengthened in recent years.
The minister highlighted his meeting with the CEO of IFC,
Philippe Le Hou‚rou, in April during the spring meetings of the
World Bank and IMF in Washington D C.
He said the government of Pakistan and IFC have agreed,
in principle, to set up the proposed Pakistan Infrastructure Bank
(PIB), with 20% equity stake each.
He said once established, PIB will complement the
government’s infrastructure initiatives by enhancing private
financing and investment for infrastructure projects in the country.
The minister also highlighted the partnership between the
government of Pakistan, KFW and DFID in the Pakistan Microfinance
Investment Company (PMIC), which has been established recently.
Kebet-Koulibaly thanked the finance minister for his
leading role in strengthening the trust and partnership between IFC
and the government of Pakistan.
She apprised the minister of the fact that IFC has been
engaged with international investors and multilateral development
partners, including Asian Development Bank, for participation in
PIB.
She highlighted that the response from investors on PIB has
been very encouraging.
Kebet-Koulibaly highlighted that she has felt a strong
sense of optimism regarding Pakistan’s business and economic outlook
during her ongoing visit.
She emphasized the commitment of IFC to further expanding its
presence and investment portfolio in Pakistan.
She acknowledged that participation in PIB will play an important role
in this regard.
The meeting was also attended by the Finance Secretary,
Secretary EAD and senior officials of the Ministry of Finance and
Economic Affairs Division.