IFC, WB reaffirm cooperation with Pakistan on key development priorities

International Finance Corporation (IFC) Regional Director Simon Andrews, accompanied by World Bank Country Director for Pakistan Bolormaa Amgaabazar, called on Federal Minister for Economic Affairs Senator Ahad Cheema to discuss private-sector investment and development cooperation in Pakistan.

According to a statement released on Friday, the minister welcomed IFC’s enhanced role in Pakistan over the past four years and appreciated the commitment to mobilise up to $2 billion annually under the WBG Country Partnership Framework (CPF) for Pakistan (2026-35) over the next ten years.

He noted that Pakistan’s priorities under this cooperation include small and medium enterprises (SMEs), public-private partnership (PPP) projects and housing finance, alongside other sectors.

The discussion emphasised the SME sector’s role in Pakistan’s economy.

Andrews expressed IFC’s interest in the sector, and Cheema welcomed this focus, noting that SMEs can play an important role in driving economic growth and creating employment.

The minister underscored the government’s commitment to advancing PPP projects in collaboration with international development partners.

He outlined steps to strengthen the Public-Private Partnership Authority (P3A), including placing it under the Privatisation Division and preparing new legislation to expand its role.

Under the proposed framework, P3A would help ministries develop and promote projects, mobilise financing and regulate projects implemented through the authority. The IFC and World Bank representatives appreciated the government’s initiative to strengthen the PPP framework.

On housing finance, Cheema said the government is working to help people build their own homes and improve access to housing facilities.

He added that the government is also considering ways to strengthen the institutional framework for housing finance. The minister invited the IFC to support efforts to expand housing finance, so more people can access financing to build homes.

The minister appreciated the IFC’s support to Pakistan through technical assistance and financing, as well as the World Bank Group’s wider contributions to the country’s development.