The International Finance Corporation (IFC) has announced a substantial increase in its investments in Pakistan, committing approximately $1.5 billion in both short and long-term projects during fiscal year 2023, according to a press statement released by the corporation. This represents a significant doubling of its investments compared to the previous year at a time when the country is faced by tremendous economic challenges. The IFC’s initiatives in Pakistan focus on job creation, increased productivity in the private sector, gender inclusion, and addressing climate change impacts.
IFC Country Manager for Pakistan and Afghanistan, Zeeshan Sheikh, emphasised the organisation’s commitment to unlocking Pakistan’s private sector potential. “Our investment and advisory programmes over the last fiscal year showcase IFC’s commitment towards helping realise the significant potential of Pakistan’s private sector,” he stated. “Moving forward, we want to increase our focus on facilitating access to finance particularly for MSMEs, sustainable and digital infrastructure, as well as support to export-oriented industries that help create jobs and are critical for the country’s economic growth.”
Last year, the IFC’s strategic areas of engagement included investments in agriculture and healthcare. In the agribusiness sector, the IFC provided working capital to support local farmers and distributors, helping sustain jobs. Additionally, the IFC supported Alliance Healthcare in expanding its healthcare services in Khyber-Pakhtunkhwa, addressing the growing healthcare needs in the region.
Published in The Express Tribune, September 14th, 2023.
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