Pakistan secures $40 billion investment from World Bank under partnership framework

Prime Minister Shahbaz Sharif announced that under the recent Country Partnership Framework of the World Bank, Pakistan is set to receive an investment of $40 billion.

Speaking to a delegation of Executive Directors of the World Bank, Sharif hailed this development as a positive step for the country.

Half of the investment, $20 billion, will target Pakistan's health, education, youth development, and other social sectors. This infusion, the Prime Minister noted, marks the beginning of a new chapter of progress.

The remaining $20 billion, directed towards the private sector under the International Finance Corporation (IFC), is expected to invigorate Pakistan's economy.

Welcoming the World Bank delegation to Pakistan, Sharif highlighted the long-standing partnership between the World Bank and Pakistan, which spans seven decades. He credited this collaboration with implementing numerous major projects that have significantly contributed to the nation's development.

During the 2022 floods, Sharif acknowledged the substantial assistance provided by the World Bank to the affected people. He expressed gratitude for the World Bank's confidence in the government's policies and reforms.

The Prime Minister emphasized the rapid progress of Pakistan's program of institutional and economic reforms, which he said are steering the country towards development.

He praised the efforts of his team in improving the economy, citing increasing national exports and remittances, reduced interest rates boosting investment, and the introduction of transparency to combat corruption.

Sharif highlighted ongoing reforms in the Federal Board of Revenue (FBR) and the power sector, ensuring uninterrupted electricity supply and reducing losses.

He also noted the attractive investment environment created by the Special Investment Facilitation Council (SIFC), which operates with participation from all stakeholders.

The Prime Minister stated that Pakistan prefers investment and partnerships over loans. He mentioned the positive outcomes of the ongoing reform program, with participants of the delegation commending the government's measures in energy, industry, exports, privatization, and revenue sectors.

The delegation, comprising nine Executive Directors of the World Bank who oversee various portfolios, will discuss economic development projects and investment opportunities in Pakistan during their visit.