IFC and World Bank Group reaffirm support for Pakistan's development priorities

Senior officials from the International Finance Corporation and the World Bank reaffirmed their support for Pakistan's development priorities in a meeting with Federal Minister for Economic Affairs Ahad Cheema, where private-sector investment, small and medium enterprises, public-private partnerships and housing finance were on the agenda. The IFC's division director, Simon Andrews, and the World Bank's country director, Bolormaa Amgaabazar, called on the minister, who welcomed the IFC's expanded role in Pakistan over the past four years and said he appreciated a commitment to mobilise up to $2 billion annually under the World Bank Group's Country Partnership Framework for Pakistan for 2026-35.

Cheema said Pakistan's priorities under the framework included small and medium enterprises, public-private partnership projects and housing finance, among other sectors. The discussion focused on the role of SMEs in the economy, with Andrews expressing the IFC's interest in the sector. The minister welcomed that focus, saying SMEs could play an important part in driving economic growth and creating employment.

On public-private partnerships, Cheema underscored the government's commitment to advancing projects with international development partners. He outlined steps taken to strengthen the Public-Private Partnership Authority, including placing it under the Privatisation Division and drawing up new legislation to expand its role. Under the proposed framework, the authority would help ministries develop and promote projects, mobilise financing and regulate projects implemented through it. IFC and World Bank representatives at the meeting appreciated the initiative to strengthen the PPP framework.

Turning to housing finance, the minister said the government was working to help people build their own homes and to improve access to housing facilities, and that it was considering ways to strengthen the institutional framework for housing finance. He invited the IFC to support efforts to expand housing finance so that more people could obtain financing to build homes.