- Mr. Diop reciprocates by highlighting need for increased private sector investments
ISLAMABAD: Prime Minister Shehbaz Sharif lauded IFC’s role in fostering private sector investments and expanding portfolio in Pakistan, encouraging the private sector investment arm of the World Bank Group (WBG) to enhance its support under the key areas.
“The IFC should enhance its support under the key areas, including infrastructure and logistics, outsourcing of large airports, agriculture, information technology, mining, climate resilience, healthcare and water & sanitation”, PM Shehbaz emphasized while talking with Makhtar Diop, Managing Director and Executive Vice President of the International Finance Corporation (IFC).
Makhtar Diop, the IFC MD, the private sector investment arm of the World Bank Group (WBG), called on PM Shehbaz Sharif to discuss IFC’s ongoing and pipeline portfolio in Pakistan.
Muhammad Ishaq Dar, Deputy Prime Minister and Foreign Minister, Muhammad Aurangzeb, Finance Minister; Ahad Khan Cheema, Minister of Economic Affairs, and senior officers of the Ministry of Finance and Economic Affairs attended the meeting.
The Prime Minister appreciated the WBG’s recently launched new decade-long Country Partnership Framework (CPF) (2026-2035) with its unprecedented commitment of US$40 billion. It would include sovereign lending of US$ 20 billion by the International Development Association (IDA) and International Bank for Reconstruction & Development (IBRD). IFC will mobilize another US$ 20 billion to foster private sector investments in Pakistan.
The Prime Minister lauded IFC’s role in fostering private sector investments and expanding portfolio in Pakistan. He also encouraged IFC to enhance collaboration with the private sector arms of other multilateral institutions for maximizing private sector participation in the development process and achieving greater impact.
The Prime Minister emphasized to focus on export led growth. He underlined the need for digitization of the entire ecosystem of Pakistan’s economy. Ongoing digitization efforts of the Federal Board of Revenue were also highlighted.
Mr. Diop reciprocated by highlighting the need for increased private sector investments to improve the road and power sector infrastructure, especially transmission lines, airport services, wheat storage infrastructure including silos to enhance the private sector’s role in facilitating exports.
In order to have a healthy population for sustained economic growth, the need of private investment in water, health and sanitation – with desired social safeguards was also highlighted at the meeting.
Mr. Diop appreciated Pakistan’s productive engagement with IMF and successful ongoing economic reforms. He shared that government’s efforts to create an enabling environment for the private sector operations in Pakistan under the dynamic leadership of the Prime Minister has increased investors’ confidence. He assured the Prime Minister of IFC’s continued support to the private sector in Pakistan duly aligned with the government’s priorities.
The Prime Minister underscored the need to design various programs to foster human development especially the youth of Pakistan. He noted that the youth of Pakistan was provided skills training through various initiatives. Mr Diop committed to enhance IFC’s focus on the priority sectors of the government and thanked the Prime Minister and other relevant stakeholders of the government for their continued support to IFC’s interventions in Pakistan.
