IFC, WBG reaffirm support for development priorities

According to The Express Tribune, IFC Division Director Simon Andrews and World Bank Country Director Bolormaa Amgaabazar met Federal Minister for Economic Affairs Ahad Cheema to talk over private-sector investment and cooperation on development in Pakistan. The minister praised the IFC's growing footprint over the last four years and welcomed its pledge to mobilise up to $2 billion a year under the World Bank Group Country Partnership Framework (CPF) for 2026-35.

Cheema said SMEs, PPP projects and housing finance are among Pakistan's priorities under the framework. Andrews voiced IFC interest in small and medium enterprises, which the minister said could drive growth and create jobs. Cheema also outlined measures to bolster the Public-Private Partnership Authority (P3A), including its placement under the Privatisation Division and new legislation to widen its role.

The proposed setup would have the P3A assist ministries with project development, financing and regulation. IFC and World Bank representatives welcomed the initiative to reinforce the PPP framework. On housing, Cheema said the government aims to enable citizens to construct homes and broaden access to residential facilities, while exploring a stronger institutional structure for housing finance. He urged the IFC to back moves to widen housing finance so more people can borrow for construction.