In a groundbreaking move set to transform Pakistan’s economic landscape, Muhammad Shoial Rajput, Secretary of the Board of Investment (BOI), recently convened with Zeeshan Sheikh, Country Manager for Pakistan and Afghanistan at the International Finance Corporation (IFC), a World Bank member, at the BOI office in Islamabad. Together, they unveiled a visionary investment plan aimed at propelling Pakistan into a new era of prosperity and development.
This strategic initiative revolves around the IFC’s resounding commitment to inject an impressive $1.5 billion into Pakistan’s economy through both short-term and long-term investments, following its successful mobilization of $1.5 billion in the fiscal year ending June 2023. This monumental commitment reflects a doubling of investments compared to the previous year, showcasing the World Bank’s steadfast dedication to Pakistan, even amidst economic challenges, highlighting the nation’s strategic importance on the global stage.
Zeeshan Sheikh emphasized the IFC’s mission to unlock Pakistan’s private sector potential, focusing on critical areas such as enhancing finance accessibility, improving technical and digital infrastructure, strengthening the pharmaceutical sector, and supporting export-oriented industries. These pivotal investments are poised to stimulate job creation, foster economic growth, and drive innovation, aligning with Pakistan’s economic vision for the future.
Moreover, Mr. Sheikh highlighted extensive investment potential in Pakistan’s climate-focused sectors, pharmaceutical space, agriculture, industrial, and energy sectors, showcasing a strong commitment to sustainable development.
Additionally, the World Bank will allocate over $3 billion for infrastructure development in Pakistan’s energy sector, including significant agreements providing loans worth $500 million to Punjab and Khyber Pakhtunkhwa provinces for critical projects. A memorandum of understanding was also inked with the Sindh government to address the crucial societal need for clean drinking water in Karachi.
Secretary BOI, Mr. Sohail Rajput, reaffirmed the government’s unwavering commitment to attracting foreign investment and fostering an investor-friendly environment across various sectors, positioning Pakistan as a prime business destination.
Addressing concerns about the Specialized Investment Facilitation Council (SIFC), Mr. Sheikh clarified its alignment with the Board of Investment (BOI), ensuring a coordinated approach. Mr. Rajput assured investors about the SIFC’s active and effective role under BOI, supported unequivocally by the Prime Minister and his Cabinet.
This historic collaboration between the World Bank, IFC, and BOI signifies a new dawn for Pakistan’s economic development, promising unmatched opportunities for both short-term and long-term investments, fostering economic growth and employment opportunities, and heralding a transformative era for Pakistan’s economic landscape.
