ISLAMABAD, Sep 25 (APP):The International Finance Corporation (IFC) and World Bank here on Friday reaffirmed their readiness to work with the Pakistan on viable initiatives, providing technical assistance and financing to support quality projects. According to a press release issued by Economic Affairs Ministry, IFC Division Director, Simon Andrews, accompanied by World Bank Country Director for Pakistan Ms. Bolormaa Amgaabazar, called on Federal Minister for Economic Affairs, Senator Ahad Cheema …
IFC, WB reaffirm cooperation on Pakistan’s key development priorities
ISLAMABAD, Sep 25 (APP):The International Finance Corporation (IFC) and World Bank here on Friday reaffirmed their readiness to work with the Pakistan on viable initiatives, providing technical assistance and financing to support quality projects.
According to a press release issued by Economic Affairs Ministry, IFC Division Director, Simon Andrews, accompanied by World Bank Country Director for Pakistan Ms. Bolormaa Amgaabazar, called on Federal Minister for Economic Affairs, Senator Ahad Cheema to discuss private-sector investment and development cooperation in Pakistan.
The IFC and World Bank representatives welcomed the government’s priorities in SMEs, PPP projects and housing finance, as well as its priorities in other sectors.
The Minister welcomed IFC’s enhanced role in Pakistan over the past four years and appreciated the commitment to mobilize up to US$2 billion annually under the WBG Country Partnership Framework (CPF) for Pakistan (2026-35) over the next ten years.
He noted that Pakistan’s priorities under this cooperation include small and medium enterprises (SMEs), public-private partnership (PPP) projects and housing finance, alongside other sectors.
The discussion emphasized the SME sector’s role in Pakistan’s economy. Andrews expressed IFC’s interest in the sector, and the Minister welcomed this focus, noting that SMEs can play an important role in driving economic growth and creating employment.
The Minister underscored the government’s commitment to advancing PPP projects in collaboration with international development partners. He outlined steps to strengthen the Public-Private Partnership Authority (P3A), including placing it under the Privatization Division and preparing new legislation to expand its role.
Under the proposed framework, P3A would help ministries develop and promote projects, mobilize financing and regulate projects implemented through the authority. The IFC and World Bank representatives appreciated the government’s initiative to strengthen the PPP framework.
On housing finance, Minister Ahad Cheema said the government was working to help people build their own homes and improve access to housing facilities. He added that the government was also considering ways to strengthen the institutional framework for housing finance.
The Minister invited the IFC to support efforts to expand housing finance, so more people can access financing to build homes.
He appreciated the IFC’s support to Pakistan through technical assistance and financing, as well as the World Bank Group’s wider contributions to the country’s development.
The IFC and World Bank representatives welcomed the government’s priorities in SMEs, PPP projects and housing finance, as well as its priorities in other sectors.
