Lahore, Pakistan, April 24, 2014
—IFC, a member of the World Bank Group, is investing a total of $20 million to expand access to safe and affordable transportation throughout Pakistan, creating jobs 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. Long waiting times, high costs, and poor reliability are hallmarks of the transport sector in Pakistan. This investment will address that challenge, expand the capacity of the transport system, increase connectivity, and make travel and commuting easier.
“With the improving economic situation in Pakistan, Daewoo 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 serve 45 cities and more than 4.5 million passengers every year. It also employs over 4,000 workers, 12 percent of whom are women, and this investment will help the company create more jobs as it expands 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 focusses on mobilizing investments in infrastructure, expanding access to finance to smaller businesses, and boosting job creation. In fiscal year 2013 IFC committed $514 million in the country—including mobilization from other investors and lenders.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
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