Islamabad
\nIFC more than doubled its trade financing program in Pakistan in fiscal year 2022 to support critical imports and foster a resilient post-pandemic recovery. That work came alongside other milestone engagements to boost financial inclusion, bolster key sectors, like agriculture and retail, structure groundbreaking public-private partnership projects, and promote gender diversity.
\nIFC invested and mobilized about $680 million in Pakistan in short- and long-term financing between July 1, 2021, and June 30, 2022. That included a record $485 million in commitments through IFC\u2019s Global Trade Finance Program to enable the import of essential goods and services, more than double the amount of the previous fiscal year.
\nIFC also invested the equivalent of $25 million in Pakistani rupees for an equity stake in leading fashion retailer Khaadi Retail to create jobs, promote gender equality, and support the crucial textiles sector.
\nAlongside the investments, IFC launched advisory and upstream projects designed to unlock the private sector\u2019s potential and attract funding in key sectors, including two landmark public-private partnership (PPP) projects.
\nIFC signed an agreement with Sindh province to structure a PPP to provide clean drinking water to nearly 1 million people in Karachi, and another with authorities in Khyber Pakhtunkhwa to arrange a PPP to construct a state-of-the-art hospital with up to 500 beds.
\nIn addition, IFC helped roll out a pioneering electronic warehouse receipt financing system to boost the flow of credit to the key agriculture sector \u2013 particularly to maize farmers \u2013 and launched the country\u2019s Asaan Karobaar program with the government to streamline regulations and enable smaller businesses to grow.
\nIFC also joined forces with the Pakistan Business Council (PBC) to celebrate private sector employers committed to empowering women at work through gender diversity awards.
\nThe awards recognized firms that had not only implemented strong gender diversity policies, but had also publicly disclosed them, encouraging others to do the same. Daraz, Pakistan\u2019s biggest online marketplace, received the highest score using a scorecard of five key gender principles developed by IFC and PBC.
\n\u201cAccelerating private sector development is essential to foster a resilient, inclusive and green recovery, create more job opportunities, and help reduce poverty,\u201d said Zeeshan Sheikh, IFC\u2019s Country Manager for Pakistan and Afghanistan.
\n\u201cPakistan is a priority country for IFC and this is reflected in our strong engagement in the country over the last year and our plans going forward.
\nWe are aiming to support critical trade flows, address bottlenecks to private investment in key sectors, and enhance shared prosperity. Going forward, we are committed to continue scaling up both our investments and advisory engagements in the country to help spur sustainable economic growth.\u201d
\nIFC\u2019s strategy in the new fiscal year includes diversifying into newer sectors, such as agri-related value chains, healthcare, digital and urban infrastructure. We also plan to support greater sustainability in industry. IFC will also pursue innovative PPPs through strategic partnerships with government and private sector stakeholders and will aim to increase the role of PPPs in key sectors, ramping up collaboration with other development finance institutions.
\nSince 1956, IFC has committed $10 billion in Pakistan and its current portfolio stands at $1.2 billion. IFC\u2019s work has helped to support smaller businesses and spur the development of renewable energy projects, including hydro and wind installations, among other priorities.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad IFC more than doubled its trade financing program in Pakistan in fiscal year 2022 to support critical imports and foster a resilient post-pandemic recovery. That work came alongside other milestone engagements to boost financial inclusion, bolster key sectors, like agriculture and retail, structure groundbreaking public-private partnership projects, and promote gender diversity. IFC invested and […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-275515","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n