Saturday, September 23, 2023

IFC doubles investments in Pakistan to $1.5B - TNGlobal - TechNode Global

Last updated Thursday, September 14, 2023 04:02 ET

The International Finance Corporation (IFC), a member of the World Bank Group, has committed approximately $1.5 billion in short and long-term investments in Pakistan in fiscal year 2023, doubling its investments from the previous year amidst a backdrop of economic challenges in the country.
IFC’s projects in Pakistan aim to provide much needed jobs, increase productivity in the private sector, enhance gender inclusion, and address the impacts of climate change, it said in a statement on Tuesday.
“Our investment and advisory programs over the last fiscal year showcase IFC’s commitment towards helping realize the significant potential of Pakistan’s private sector,” said Zeeshan Sheikh, IFC Country Manager for Pakistan and Afghanistan. “Moving forward, we want to increase our focus on facilitating access to finance particularly for MSMEs, sustainable & digital infrastructure, as well as support to export-oriented industries that help create jobs and are critical for the country’s economic growth.”
Strategic areas of engagement during the last year included investments in agriculture and healthcare. IFC invested in the agribusiness sector by providing working capital to support local farmers and distributors, helping sustain jobs.
To help meet growing healthcare needs, IFC also supported Alliance Healthcare to enable the leading private healthcare provider in Khyber Pakhtunkhwa province to expand its Northwest Teaching Hospital and Northwest General Hospital. Alongside...

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