Islamabad (Web Desk): The International Finance Corporation (IFC) and the World Bank (WB) have reiterated their willingness to assist Pakistan in pursuing feasible development projects by extending technical expertise and financial resources for initiatives that meet quality standards.
The commitment came during a meeting in Islamabad between IFC Regional Director Simon Andrews and Minister for Economic Affairs Senator Ahad Cheema. World Bank Country Director for Pakistan Ms. Bolormaa Amgaabazar also attended the meeting.
The meeting covered matters related to private-sector investment and broader development cooperation in Pakistan.
Senator Ahad Cheema welcomed the IFC’s expanding engagement with Pakistan during the past four years and acknowledged its pledge to mobilise up to $2 billion each year under the World Bank’s Country Partnership Framework (CPF) for Pakistan over the coming ten years.
He said the cooperation would focus on several key areas, including small and medium-sized enterprises (SMEs), public-private partnership ventures and housing finance, along with other sectors identified as national priorities.
The minister highlighted the government’s determination to accelerate public-private partnership projects by working closely with international development partners.
He also shared details of measures aimed at reinforcing the Public-Private Partnership Authority, including a proposal to bring it under the Privatization Division and introduce fresh legislation to broaden its responsibilities.
Senator Ahad Cheema expressed appreciation for the IFC’s technical assistance and financial backing for Pakistan, while also recognising the World Bank’s broader role in supporting the country’s development efforts.
Under the proposed arrangement, the Public-Private Partnership Authority would support ministries in preparing and promoting projects, securing financial resources and regulating initiatives carried out through the authority.
Representatives of the IFC and World Bank welcomed the government’s efforts to strengthen the public-private partnership mechanism.
They also expressed support for the government’s focus on SMEs, public-private partnership initiatives, housing finance and other sectors included among its development priorities.