ISLAMABAD, Oct 6 (APP):Pakistan and the International Finance Corporation (IFC) here on Tuesday reaffirmed their commitment to strengthening cooperation on private-sector financing, investment and infrastructure development.
The reaffirmation was made during the meeting between Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb and Director, IFC Pakistan, Afghanistan, Kyrgyz Republic, Tajikistan & Turkmenistan, Simon Andrews. The IFC director was accompanied by Principal Country Officer, IFC Pakistan, Ms. Naz Khan.
According to press release issued by finance ministry, the two sides also focused on expanding access to finance, supporting entrepreneurship and mobilising greater domestic and international capital to promote Pakistan’s sustainable, investment-led growth.
On the occasion, the finance minister appreciated IFC’s continued partnership in expanding private-sector financing and investment-led growth, highlighting entrepreneurship, SME and agricultural finance, affordable housing and public-private partnerships as key areas for mobilising private capital.
He noted improving macroeconomic stability and investor confidence, stressing the need to translate these gains into greater investment, capital formation and private-sector-led growth.
Meanwhile, IFC representatives briefed the minister on progress towards an entrepreneurs’ fund to strengthen Pakistan’s start-up ecosystem, as well as affordable housing initiatives aimed at easing supply-side constraints through potential developer-financing models.
Discussions on agricultural finance focused on IFC’s AgriConnect initiative, including improved storage infrastructure and the use of electronic warehouse receipts as collateral.
The two sides also discussed PPP projects in the water and power sectors, including water quality and safety and advanced metering infrastructure, as well as expanding local-currency and longer-term financing for private-sector projects.
The minister stressed the importance of affordable, long-term finance for SMEs, entrepreneurs, agriculture and housing, and complementing domestic resources with international development finance to unlock private investment and strengthen productive activity.
Source: APP (Associated Press of Pakistan)
