ISLAMABAD: On Thursday, the Board of Investment (BoI) and the World Bank-affiliate International Finance Corporation unveiled a visionary investment plan in which the IFC committed to inject over $1.5 billion into Pakistan’s economy in the form of short- and long-term investments to lead the country to prosperity and development.
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The IFC mobilised $1.5bn FY23, double Pakistan investments from the previous year.
The BoI noted that the World Bank’s commitment to Pakistan, despite economic difficulties, highlights the country’s global strategic importance.
At the BoI offices, Secretary Muhammad Sohail Rajput and IFC Country Manager for Pakistan and Afghanistan Zeeshan Sheikh revealed the investment plan.
Mr. Sheikh stressed the IFC’s goal of unlocking Pakistan’s private sector potential by boosting access to finance, technical and digital infrastructure, the pharmaceutical industry, and export-oriented businesses.
He said these crucial investments will create jobs, boost economic growth, and stimulate innovation, aligning with Pakistan’s economic goal.
He also noted Pakistan’s climate-focused, pharmaceutical, agribusiness, industrial, and energy sectors’ huge investment potential, proving his commitment to sustainable development.
He added the World Bank will provide approximately $3bn for Pakistan’s energy infrastructure development in addition to the IFC’s commitment.
He claimed two major deals with the government provided $500 million in loans to Punjab and Khyber Pakhtunkhwa for crucial projects.
Additionally, a memorandum of understanding was inked with the Sindh government to provide clean drinking water to a large Karachi population, a vital social need.
BoI Secretary Sohail Rajput reiterated the government’s commitment to foreign investment and investor-friendly policies. He highlighted Pakistan as a top commercial destination for foreign investors in many areas.