Islamabad:The International Finance Corporation (IFC) and the World Bank have reiterated their commitment to collaborate with the Government of Pakistan on key development initiatives, providing both technical assistance and financing to support quality projects.
According to Radio Pakistan, this commitment was expressed during a meeting between IFC Regional Director Simon Andrews and Pakistan's Minister for Economic Affairs, Senator Ahad Cheema, in Islamabad. World Bank Country Director for Pakistan, Ms. Bolormaa Amgaabazar, was also present.
The discussions focused on private-sector investment and development cooperation in Pakistan. Senator Ahad Cheema expressed appreciation for IFC's increased role in the country over the past four years and welcomed the commitment to mobilize up to two billion dollars annually under the World Bank's Country Partnership Framework for the next decade.
Pakistan's priorities in this cooperation include supporting small and medium enterprises (SMEs), advancing public-private partnership projects, and enhancing housing finance. The Minister emphasized the government's dedication to advancing public-private partnerships with the help of international development partners.
He detailed steps to enhance the Public-Private Partnership Authority by placing it under the Privatization Division and introducing new legislation to broaden its responsibilities. The Minister acknowledged the IFC's support through technical assistance and financing, as well as the World Bank's broader contributions to Pakistan's development.
Under the proposed framework, the Public-Private Partnership Authority will aid ministries in developing and promoting projects, securing financing, and regulating projects implemented through the authority. The IFC and World Bank representatives lauded the government's initiative to strengthen the public-private partnership framework and its focus on SMEs, public-private partnerships, housing finance, and other sectors.