In positive economic development, Pakistan secures $1.5 billion from IFC
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In the fiscal year 2023, the International Finance Corporation (IFC), a prominent member of the World Bank, made a significant commitment to Pakistan by pledging approximately $1.5 billion in both short- and long-term investments. This substantial increase in investments, compared to the previous year, comes at a crucial juncture when Pakistan faces numerous economic challenges. This noteworthy announcement was conveyed through a press statement issued on a Tuesday.
The IFC, renowned as the largest global development institution with a primary focus on the private sector within emerging markets, unveiled its ambitious goals for its projects in Pakistan. These projects are strategically designed to address critical issues within the country. They seek to generate employment opportunities, enhance productivity within the private sector, promote gender inclusivity, and tackle the pressing challenges of climate change.
Zeeshan Sheikh, the IFC Country Manager for Pakistan and Afghanistan, expressed the organization's unwavering commitment to realizing Pakistan's substantial private sector potential. He emphasized that the past fiscal year showcased the IFC's dedication through its investment and advisory programs.
Looking ahead, the IFC aims to further intensify its efforts, particularly in facilitating access to finance for Micro, Small, and Medium-sized Enterprises (MSMEs), sustainable and digital infrastructure development, and offering support to export-oriented industries. These initiatives are crucial for job creation and are vital components of Pakistan's economic growth.
Furthermore, the IFC revealed its strategic focus areas during the previous year, which included substantial investments in the agriculture and healthcare sectors. In the agribusiness domain, the financial institution extended its support by providing working capital to assist local farmers and distributors. Simultaneously, the IFC addressed the growing healthcare demands in Pakistan by collaborating with Alliance Healthcare, enabling the expansion of private healthcare facilities such as the Northwest Teaching Hospital and Northwest General Hospital in Khyber Pakhtunkhwa province. These efforts reflect the IFC's dedication to fostering positive change and economic development in Pakistan
