Lahore, Pakistan, January 2, 2018—
IFC, a member of the World Bank Group, has signed a Framework Agreement with the Government of Punjab’s Planning and Development Department to help the government identify and implement priority infrastructure and public service project through public-private partnerships (PPP) and boost private sector participation in the country.
Punjab is the main driver of Pakistan’s economy, accounting for the majority of the country’s GDP. The Government of Punjab has prioritized greater investment in the province’s infrastructure and services to sustain its economic performance, create jobs, and improve public services. In order to support Punjab’s infrastructure investment requirements, the Government of Punjab has prioritized private sector participation in the province’s infrastructure and services sector since 2010 when it adopted the Public-Private Partnerships Act in Infrastructure and established the PPP Cell within the Planning and Development Department. This Agreement will enable IFC to support the Government of Punjab in achieving its infrastructure growth plan through private sector investment.
Addressing the signing ceremony, Planning and Development Secretary, Mr. Iftikhar Ali Sahoo stated that “PPP would play a pivotal role in achieving the ambitious growth agenda of Punjab as annual development program alone is not sufficient to meet all development needs of the province”.
“We are pleased to sign this framework agreement with the Government of the Punjab to support their ambitions for the PPP program,” said Mr. Nadeem A. Siddiqui, IFC Country Manager. “IFC will bring its global experience in PPPs to help identify, prioritize, structure, and tender PPP projects that support government priorities across a number of infrastructure and social sectors.”
Through financing and advisory services, IFC has been helping national and municipal governments attract qualified private sector partners for over 60 years. Over the last decade, IFC’s PPP Transaction Advisory team has generated nearly $22 billion of private investment in infrastructure in developing countries, and supported governments in improving essential services such as power, transportation, healthcare, water, and sanitation for 98 million people.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
