ISLAMABAD -  Finance Minister Ishaq Dar has said that the government is establishing Pakistan Infrastructure Bank (PIB) that would complement the government’s infrastructure initiatives by enhancing private financing and investment for infrastructure projects in the country.

He further said that government of Pakistan and International Finance Corporation (IFC) have agreed, in principle, to set up the proposed Pakistan Infrastructure Bank (PIB), with 20 percent equity stake each. Dar expressed these remarking during a meeting with IFC’s Vice President of Portfolio Management, Saran Kebet-Koulibaly. Kebet-Koulibaly was accompanied by Patchamuthu Illangovan, Country Director of World Bank; Mouayed Makhlouf, IFC Regional Director for Middle East and North Africa and Shabana Khawar, Principal Country Officer, IFC.

Dar welcomed Kebet-Koulibaly to Pakistan, who is visiting Pakistan for the first time. He said that the partnership with IFC has strengthened in recent years. The minister highlighted the partnership between the government of Pakistan, KfW and DFID in the Pakistan Microfinance Investment Company (PMIC), which has been established recently.

Kebet-Koulibaly thanked the minister for his leading role in strengthening the trust and partnership between IFC and the government of Pakistan. She apprised the minister of the fact that IFC has been engaged with international investors and multilateral development partners, including Asian Development Bank, for participation in PIB. She highlighted that the response from investors on PIB has been very encouraging.

Kebet-Koulibaly highlighted that she has felt a strong sense of optimism regarding Pakistan’s business and economic outlook during her ongoing visit. She emphasized the commitment of IFC to further expand its presence and investment portfolio in Pakistan. She acknowledged that participation in PIB will play an important role in this regard.