IFC commits $1.5bn for Pak Assistance

September 14, 2023

The International Finance Corporation (IFC) has announced its commitment to double its investments in Pakistan, reaching a total of $1.5 billion during the current fiscal year.

In a statement released on Wednesday, the IFC highlighted its pledge to invest approximately $1.5 billion in short and long-term initiatives in Pakistan for FY23. This represents a significant increase from the previous year, demonstrating the IFC’s commitment to supporting Pakistan’s economic development in the face of prevailing economic challenges. The IFC’s projects in Pakistan are designed to create much-needed employment opportunities, enhance productivity within the private sector, promote gender inclusion, and address the adverse effects of climate change.

Zeeshan Sheikh, IFC Country Manager for Pakistan and Afghanistan, expressed, “Our investment and advisory programs in the past fiscal year underscore IFC’s dedication to unlocking the substantial potential of Pakistan’s private sector. Looking ahead, we aim to intensify our efforts in facilitating access to finance, particularly for micro, small, and medium enterprises (MSMEs), sustainable and digital infrastructure, and offering support to export-driven industries, which play a pivotal role in job creation and the nation’s economic growth.”

During the previous year, the IFC focused on strategic areas such as investments in agriculture and healthcare. In the agribusiness sector, the IFC provided working capital to support local farmers and distributors, thereby sustaining employment opportunities. Additionally, the IFC supported Alliance Healthcare in expanding its Northwest Teaching Hospital and Northwest General Hospital, reinforcing healthcare services to meet growing demands.

The IFC also strengthened its backing for the banking sector to bolster manufacturing and export-oriented industries while assisting smaller businesses in enhancing their value chains. Furthermore, the IFC expanded its advisory initiatives to collaborate with the State Bank of Pakistan in redefining environmental and social risk management frameworks within the country’s banking sector. The Climate2Equal Initiative was launched to promote the participation of female employees in climate-related actions and policy decisions, furthering climate action, sustainability, and gender inclusion.