IFC, WB reaffirm cooperation with Pakistan on key development priorities

Simon Andrews, Regional Director of the International Finance Corporation (IFC), met Federal Minister for Economic Affairs Ahad Cheema along with Bolormaa Amgaabazar, the World Bank Country Director for Pakistan, to discuss private-sector investment and development cooperation, according to a statement issued on Friday. The minister praised the IFC's expanded footprint over the past four years and welcomed its pledge to channel as much as $2 billion yearly through the WBG Country Partnership Framework covering 2026-35.

Cheema identified small and medium enterprises, public-private partnership projects and housing finance as priority areas under the arrangement, alongside other sectors. Both sides discussed SMEs' role in economic growth and job creation, and the IFC expressed interest in the segment. The minister also described plans to place the Public-Private Partnership Authority (P3A) under the Privatisation Division and draft new legislation to widen its remit.

Under the proposed structure, P3A would help ministries develop projects, mobilise finance and regulate those implemented through the authority. On housing, Cheema said the government is working to help citizens build homes and expand access to housing facilities, and invited the IFC to support wider housing finance. He also thanked the IFC for its technical help and financing.