World Bank’s IFC and BoI Announce Ambitious $1.5 Billion+ Investment Plan for Pakistan’s Economy

The International Finance Corporation (IFC), affiliated with the World Bank, has joined forces with the Board of Investment (BoI) to unveil an impressive $1.5 billion+ investment plan aimed at bolstering Pakistan’s economy. This substantial investment commitment was announced at the BoI headquarters by BoI Secretary Muhammad Sohail Rajput and IFC Country Manager for Pakistan and Afghanistan, Zeeshan Sheikh.

This funding initiative comes on the heels of IFC’s successful mobilization of $1.5 billion for the fiscal year 2023, representing a significant boost in investment compared to previous years. The IFC’s primary goal is to support Pakistan’s private sector in realizing its full potential across vital areas, including improving access to finance, upgrading technical and digital infrastructure, strengthening the pharmaceutical sector, and aiding export-oriented industries. These strategic investments are expected to generate jobs, foster economic growth, and drive innovation, aligning with Pakistan’s economic vision for the future.

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Furthermore, Sheikh emphasized the potential for investments in Pakistan’s climate-focused sectors, pharmaceutical industry, agriculture, industrial development, and energy sectors. Additionally, the World Bank has pledged over $3 billion for infrastructure development within Pakistan’s energy sector.

Notably, Sheikh disclosed the signing of significant agreements, including a $500 million loan for the provinces of Punjab and Khyber Pakhtunkhwa. Moreover, an MoU was inked with the Sindh government to provide clean drinking water to the residents of Karachi. This joint effort between the IFC and the BoI signals a substantial commitment to support Pakistan’s economic growth and development.

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