ISLAMABAD: The International Finance Corporation (IFC) and the World Bank have pledged to work closely with Pakistan’s government on crucial development initiatives, including private-sector investment and public-private partnerships. This was confirmed during a meeting involving Simon Andrews, Regional Director of IFC, and Senator Ahad Cheema, Pakistan’s Minister for Economic Affairs.

According to Radio Pakistan, the discussions centered around enhancing private-sector investment and cooperation in development, with World Bank’s Country Director for Pakistan, Ms. Bolormaa Amgaabazar, also in attendance. Senator Cheema highlighted the IFC’s expanded involvement in Pakistan over the last four years and expressed appreciation for the commitment to mobilize up to $2 billion annually through the World Bank’s Country Partnership Framework over the next decade.

The meeting emphasized Pakistan’s focus on small and medium enterprises, public-private partnerships, and housing finance. Senator Cheema underscored the government’s dedication to advancing these projects with international development partners and detailed plans to strengthen the Public-Private Partnership Authority. The authority will now fall under the Privatization Division, with new legislation proposed to enhance its role.

Both IFC and World Bank representatives acknowledged the government’s efforts to fortify the public-private partnership framework and expressed support for the government’s sectoral priorities. The proposed framework aims to assist ministries in developing, promoting, and financing projects, as well as regulating those implemented via the authority.