ISLAMABAD: The International Finance Corporation (IFC) and World Bank have reaffirmed their readiness to work with the Government of Pakistan on viable initiatives, providing technical assistance and financing to support quality projects.
The resolve was expressed during a meeting between Regional Director International Finance Corporation Simon Andrews and Minister for Economic Affairs Senator Ahad Cheema in Islamabad.
World Bank Country Director for Pakistan Ms. Bolormaa Amgaabazar was also present during the meeting.
The two sides discussed private-sector investment and development cooperation in Pakistan.
Senator Ahad Cheema welcomed IFC’s enhanced role in Pakistan over the past four years and appreciated the commitment to mobilize up to two billion dollars annually under the World Bank’s Country Partnership Framework (CPF) for Pakistan over the next ten years.
He noted that Pakistan’s priorities under this cooperation include small and medium enterprises (SMEs), public-private partnership projects and housing finance, alongside other sectors.
The Minister underscored the Government’s commitment to advancing public-private partnership projects in collaboration with international development partners.
He outlined steps to strengthen the Public-Private Partnership Authority, including placing it under the Privatization Division and preparing new legislation to expand its role.
The Minister appreciated the IFC’s support to Pakistan through technical assistance and financing, as well as the World Bank’s wider contributions to the country’s development.
Under the proposed framework, public-private partnership authority would help ministries develop and promote projects, mobilize financing and regulate projects implemented through the authority.
The International Finance Corporation and World Bank representatives appreciated the Government’s initiative to strengthen the public-private partnership framework.
They also welcomed the Government’s priorities in SMEs, public-private partnership projects and housing finance, as well as its priorities in other sectors.
