IFC, WBG reaffirm support for development priorities

Govt seeks cooperation in expanding access to housing finance International Finance Corporation (IFC) Division Director Simon Andrews, accompanied by World Bank Country Director Bolormaa Amgaabazar, called on Federal Minister for Economic Affairs Ahad Cheema to discuss private-sector investment and development cooperation in Pakistan. The minister welcomed the IFC's enhanced role in Pakistan over the past four years and appreciated the commitment to mobilising up to $2 billion annually under the World Bank Group Country Partnership Framework (CPF) for Pakistan for 2026-35. He noted that Pakistan's priorities under the framework included small and medium enterprises (SMEs), public-private partnership (PPP) projects and housing finance, alongside other sectors. The discussion emphasised the role of SMEs in Pakistan's economy. Andrews expressed the IFC's interest in the sector and the minister welcomed the focus, noting that SMEs could play an important role in driving economic growth and creating employment opportunities. Cheema underscored the government's commitment to advancing PPP projects in collaboration with international development partners. He outlined the steps taken to strengthen the Public-Private Partnership Authority (P3A), including placing it under the Privatisation Division and drawing up new legislation to expand its role. Under the proposed framework, the P3A will help ministries develop and promote projects, mobilise financing and regulate projects implemented through the authority. IFC and World Bank representatives appreciated the initiative to strengthen the PPP framework. On housing finance, Ahad Cheema said the government was working to help people build their own homes and improve access to housing facilities. The government is also considering ways to strengthen the institutional framework for housing finance. The minister invited the IFC to support efforts to expand housing finance, so that more people could get access to financing to build their homes.