In the fiscal year 2023, the International Finance Corporation (IFC), aprominent member of the World Bank, made a significant commitment toPakistan by pledging approximately $1.5 billion in both short- andlong-term investments. This substantial increase in investments, comparedto the previous year, comes at a crucial juncture when Pakistan facesnumerous economic challenges. This noteworthy announcement was conveyedthrough a press statement issued on a Tuesday.
The IFC, renowned as the largest global development institution with aprimary focus on the private sector within emerging markets, unveiled itsambitious goals for its projects in Pakistan. These projects arestrategically designed to address critical issues within the country. Theyseek to generate employment opportunities, enhance productivity within theprivate sector, promote gender inclusivity, and tackle the pressingchallenges of climate change.
Zeeshan Sheikh, the IFC Country Manager for Pakistan and Afghanistan,expressed the organization’s unwavering commitment to realizing Pakistan’ssubstantial private sector potential. He emphasized that the past fiscalyear showcased the IFC’s dedication through its investment and advisoryprograms.
Looking ahead, the IFC aims to further intensify its efforts, particularlyin facilitating access to finance for Micro, Small, and Medium-sizedEnterprises (MSMEs), sustainable and digital infrastructure development,and offering support to export-oriented industries. These initiatives arecrucial for job creation and are vital components of Pakistan’s economicgrowth.
Read Top Stories
Furthermore, the IFC revealed its strategic focus areas during the previousyear, which included substantial investments in the agriculture andhealthcare sectors. In the agribusiness domain, the financial institutionextended its support by providing working capital to assist local farmersand distributors. Simultaneously, the IFC addressed the growing healthcaredemands in Pakistan by collaborating with Alliance Healthcare, enabling theexpansion of private healthcare facilities such as the Northwest TeachingHospital and Northwest General Hospital in Khyber Pakhtunkhwa province.These efforts reflect the IFC’s dedication to fostering positive change andeconomic development in Pakistan
