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A delegation from the International Finance Corporation (IFC) called on Finance Minister Muhammad Aurangzeb and discussed its “growing portfolio in Pakistan, which now exceeds $2 billion annually and approximately $2.7bn committed this year”, according to the finance ministry.
IFC is the private sector arm of the World Bank Group.
According to the ministry, the IFC delegation comprised IFC Divisional Director for Pakistan, Afghanistan and Central Asia Simon Andrews, World Bank Country Director for Pakistan Bolormaa Amgaabazar and IFC Country Manager Naz Khan.
Key areas of engagement included financial sector support through risk-sharing and guarantee facilities to promote trade and small and medium-sized enterprises (SME) financing; expansion of local currency financing to mitigate foreign exchange risks; and upcoming initiatives such as a diversified payment rights facility and a green bond issuance with a leading local bank, the ministry said.
