Islamabad: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb conducted a meeting with Simon Andrews, Divisional Director for Pakistan, Afghanistan, and Central Asia at the International Finance Corporation (IFC). Accompanying Mr. Andrews were Ms. Bolormaa Amgaabazar, World Bank Country Director for Pakistan, and Ms. Naz Khan, Country Manager IFC. The discussions aimed at bolstering investment and job creation in Pakistan.

According to Press Information Department, the Minister praised the IFC’s amplified involvement in Pakistan, highlighting its contributions in investment, trade finance, and advisory support. The IFC’s presence in the country has reportedly strengthened collaboration efforts significantly. The IFC delegation presented details of its increasing portfolio in Pakistan, now exceeding $2 billion annually, with $2.7 billion committed for the current year. The focus areas include financial sector support, local currency financing, and upcoming initiatives like a diversified payment rights facility and a green bond issuance.

The meeting delved into enhancing private sector investment, especially in infrastructure and public-private partnerships. Discussions emphasized the need for a robust pipeline of bankable projects in sectors like energy, transport, and logistics. The Minister highlighted the importance of a client-centric approach to financing solutions, particularly through local currency lending to support private sector growth.

Moreover, the dialogue also extended to job creation, entrepreneurship, and innovation, proposing the development of a venture capital ecosystem and bolstering private sector engagement in policy formation. Both parties discussed the potential of institutionalizing dialogue between government and business stakeholders to support effective policymaking.

Further discussions addressed regional economic connectivity with Central Asian countries and the potential opportunities in agribusiness, infrastructure, and trade linkages. The Minister also informed the delegation about the government’s initiatives to maintain macroeconomic stability, including energy supply chain management, fiscal discipline, and subsidy frameworks.

Both parties reaffirmed their commitment to intensifying collaboration, fast-tracking the implementation of priority initiatives, and utilizing the World Bank Group’s instruments to support Pakistan’s reform and economic growth agenda.