ISLAMABAD: International Finance Corporation Regional Director Simon Andrews met with Federal Minister for Economic Affairs Senator Ahad Cheema on Friday to discuss private-sector investment and development cooperation in Pakistan, according to a statement.
World Bank Country Director for Pakistan Bolormaa Amgaabazar accompanied Andrews to the meeting.
Cheema welcomed the IFC's expanded role in Pakistan over the past four years and praised its commitment to mobilize up to $2 billion annually under the World Bank Group's Country Partnership Framework for Pakistan, which covers 2026 to 2035, according to the statement.
The minister said Pakistan's priorities under the framework include small and medium enterprises, public-private partnership projects and housing finance, among other sectors.
Much of the discussion focused on the role of small and medium enterprises in Pakistan's economy. Andrews said the IFC was interested in supporting the sector, and Cheema said such businesses could help drive economic growth and create jobs.
Cheema also reaffirmed the government's commitment to advancing public-private partnership projects with international development partners. He said the government plans to strengthen the Public-Private Partnership Authority by placing it under the Privatisation Division and drafting new legislation to expand its mandate.
Under the proposed changes, the authority would help government ministries develop and promote projects, secure financing and regulate projects carried out under its purview. The IFC and World Bank representatives praised the government's efforts to strengthen the partnership framework.
On housing finance, Cheema said the government is working to help citizens build their own homes and expand access to housing finance. He said officials are also exploring ways to strengthen the institutional framework for housing finance, and he asked the IFC to support efforts to widen access to home-building financing.
Cheema thanked the IFC for its technical and financial assistance to Pakistan and acknowledged the broader contributions of the World Bank Group to the country's development.
