IFC boosts Pakistan’s private sector with trade support, landmark projects

KARACHI: The International Finance Corporation (IFC) doubled its trade financing program for Pakistan in the fiscal year 2022, with the goal of providing support to critical imports and boosting the country’s economy post-pandemic. 

Between the period of July 1, 2022, and June 30, 2022, IFC has invested almost $680 million in Pakistan in the form of both short- and long-term financing. This figure also includes $485 million in commitments under IFC’s Global Trade Finance Program to boost the import of essential goods and services.

The global lender has also invested approximately $25 million for an equity stake in a high-end fashion retailer ‘Khaadi’ to promote gender equality, create jobs, and support the country’s textile industry.

Apart from investments, IFC has also initiated several advisory projects that are designed to unlock the country’s private and public sectors’ potential. 

IFC has also signed an agreement with the Sindh government to provide clean drinking water to nearly 1 million people in Karachi.

Moreover, the IFC has joined the Pakistan Business Council (PBC) to promote and celebrate private sector employers that are committed to empowering women in workplaces through gender diversity awards.

For the new fiscal year, IFC’s strategy is to diversify into new sectors such as agriculture, digital, and healthcare to promote greater sustainability throughout each sector of the country’s economy.