IFC's Vice President of Portfolio Management, Saran Kebet-Koulibaly, called on Minister for Finance Senator Ishaq Dar, at the Prime Minister's Office on Wednesday. Kebet-Koulibaly was accompanied by Patchamuthu Illangovan, Country Director World Bank, Mouayed Makhlouf, IFC Regional Director for Middle East and North Africa, and Shabana Khawar, Principal Country Officer, IFC.
The Finance Minister welcomed Kebet-Koulibalyto Pakistan, who is visiting Pakistan for the first time. He said the partnership with IFC had strengthened in recent years. The Minister highlighted his meeting with the CEO of IFC, Philippe Le Houérou, in April during the spring meetings of the World Bank and IMF in Washington DC. He said the Government of Pakistan and IFC had agreed, in principle, to set up the proposed Pakistan Infrastructure Bank (PIB), with 20% equity stake each. He said, once established, PIB would complement the government's infrastructure initiatives by enhancing private financing and investment for infrastructure projects in the country.
The Minister for Finance also highlighted the partnership between the Government of Pakistan, KfW and DFID in the Pakistan Microfinance Investment Company (PMIC), which has been established recently. Kebet-Koulibaly thanked the Minister for Finance for his leading role in strengthening the trust and partnership between IFC and the Government of Pakistan. She apprised the Minister of the fact that IFC has been engaged with international investors and multilateral development partners, including Asian Development Bank, for participation in PIB. She highlighted that the response from investors on PIB had been very encouraging. Kebet-Koulibaly highlighted that she had felt a strong sense of optimism regarding Pakistan's business and economic outlook during her ongoing visit.
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