The International Finance Corporation (IFC), a member of the World Bank Group, has announced a significant increase in its financial commitment to Pakistan, with an investment pledge of over $1.5 billion. This investment, which doubles the IFC's contributions from the previous year, aims to stimulate Pakistan's private sector and support export-oriented industries. The announcement was made by IFC Country Manager Zeeshan Sheikh and Board of Investment (BoI) Secretary Muhammad Sohail Rajput.
The IFC's investment strategy focuses on enhancing access to finance, improving technical and digital infrastructure, fostering growth in the pharmaceutical sector, and bolstering export industries. The corporation also sees potential for additional investments in climate-focused sectors, agriculture, and industrial sectors, aligning with its commitment to sustainable development.
In addition to the IFC's pledge, the World Bank has committed over $3 billion towards infrastructure development in Pakistan's energy sector. This substantial commitment underscores the global financial institution's support for Pakistan's economic growth and infrastructure enhancement.
As part of this financial commitment, agreements worth $500 million have been signed with the governments of Punjab and Khyber Pakhtunkhwa for critical projects aimed at societal development. A memorandum has also been signed with the Sindh government to provide clean drinking water to Karachi, addressing a pressing societal need in Pakistan's most populous city.
These financial commitments from the IFC and the World Bank highlight their continued support for Pakistan's economic development efforts and their confidence in the country's potential for sustainable growth.
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