International Finance Corporation has reiterated commitment announced to further expanding its presence and investment portfolio in Pakistan. IFC’s Vice President of Portfolio Management, Saran Kebet-Koulibaly, Wednesday, said that participation of the proposed Pakistan Infrastructure Bank (PIB) would play role in this regard.
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset management services to encourage private sector development in developing countries.
The IFC is a member of the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1956 as the private sector arm of the World Bank Group to advance economic development by investing in strictly for-profit and commercial projects that purport to reduce poverty and promote development.
Saran Kebet-Koulibaly along with a delegation from world financial institutions held a meeting with Finance Minister Ishaq Dar here and thanked the Finance Minister for his leading role in strengthening the trust and partnership between IFC and the Government of Pakistan.
She apprised the Minister of the fact that IFC has been engaged with international investors and multilateral development partners, including Asian Development Bank, for participation in PIB.
She highlighted that the response from investors on PIB has been very encouraging .Kebet-Koulibaly highlighted that she has felt a strong sense of optimism regarding Pakistan’s business and economic outlook during her ongoing visit.
Kebet-Koulibaly was accompanied by Patchamuthu Illangovan, Country Director World Bank, Mouayed Makhlouf, IFC Regional Director for Middle East and North Africa, and Shabana Khawar, Principal Country Officer, IFC.
The Finance Minister welcomed Kebet-Koulibalyto Pakistan, who is visiting Pakistan for the first time. He said that the partnership with IFC has strengthened in recent years. The Minister highlighted his meeting with the CEO of IFC, Philippe Le Houérou, in April during the spring meetings of the World Bank and IMF in Washington D.C.
He said that Government of Pakistan and IFC have agreed, in principle, to set up the proposed Pakistan Infrastructure Bank (PIB), with 20% equity stake each. He said that, once established, PIB will complement the government’s infrastructure initiatives by enhancing private financing and investment for infrastructure projects in the country.
The Finance Minister also highlighted the partnership between the Government of Pakistan, KfW and DFID in the Pakistan Microfinance Investment Company (PMIC), which has been established recently.