KARACHI  - PR  - IFC, a member of the World Bank Group, is investing a total of $20 million in Daewoo Pakistan Express Bus Service. Daewoo is Pakistan’s largest passenger-bus service, and with this investment, aims to further expand its network and enable safe affordable transportation throughout Pakistan. Both organizations believe that this investment will go a long way in creating employment and aiding local economies.
IFC’s investment in Daewoo Pakistan Express Bus Service will help increase its fleet of intercity buses and build state-of-the-art bus terminals across the country. Daewoo Express is already connecting over 50 destinations in Pakistan through its large fleet of buses and terminals network. With the improving economic .situation in Pakistan, Daewoo Express sees many opportunities to .expand its operations.” said Shaheryar Chishty, CEO of Daewoo Pakistan Express Bus Service. “This. investment will help us provide high-quality and safe transportation for Pakistan’s large population, link smaller communities together to benefit local economies, and improve the quality of life of the people of Pakistan.” The company owns a fleet of 380 buses that serves over 50 cities and 6 million passengers every year. It also employs over 4,000 workers, 12 percent of whom are women, and IFC’s investment will help Daewoo Express create more jobs as it expands its operations.
“Pakistan suffers from insufficient infrastructure that hinders improvements in living standards and blocks the private sector growth needed to create jobs,” said Mouayed Makhlouf, IFC Director for the Middle East and North Africa. “This investment will make travel easier, which is good for business, creating jobs, and supporting a vital sector.” The investment is part of IFC strategy in Pakistan that focuses on mobilizing investments in infrastructure, expanding access to finance to smaller businesses, and boosting job creation. Commenting on the investment, James Jong Noon .Kim CEO of EQ Partners said, “EQ Partners and Korean pension fund investors have been long term supporters of Daewoo’s express bus operations in Pakistan. We are pleased to see a reputable multilateral institution like IFC invest alongside us to enable Daewoo Express to further expand its business. Pakistan’s policy makers are making great efforts to attract investment into Pakistan and together with Daewoo Express, we are also exploring other investments in infrastructure and power generation.”