Islamabad, Pakistan, January 19, 2015¡ª IFC¡¯s investments in Pakistan will boost the private sector and support to tap new energy sources to ease power shortages, Jin-Yong Cai, CEO of IFC, a member of the World Bank Group, said during a visit to Islamabad.
On Monday, Cai met government leaders, including Prime Minister Nawaz Sharif and Finance Minister Mohammad Ishaq Dar. He said IFC, which has invested $5.2 billion in Pakistan to date, is committed to helping the country tackle some of its most pressing challenges¡ªfrom unemployment to energy shortage¡ªby catalyzing new investment outside the public sector.
IFC is expected to invest about $500 million annually in Pakistan in the next few years as part of a World Bank Group Country Partnership Strategy. Its projects have helped promote cross-border trade, streamline regulations, support out-of-court mediation, bolster supplies of renewable energy.
Cai¡¯s visit follows IFC¡¯s $125 million equity investment in China Three Gorges South Asia Investment Limited to support a series of privately owned hydro, solar, and wind power projects. The projects will help provide electricity to more than 11 million people, boost Pakistan¡¯s generation capacity by 15 percent, and cut the country¡¯s reliance on imported fossil fuels.
This month, IFC¡¯s board of directors also approved a $15 million investment to help Gul Ahmed Wind Power Limited build and operate a 50-megawatt wind farm in Sindh province. The project is expected to increase power supplies during the high-demand summer months, when wind farms generate most of their electricity. It will also provide an environmentally friendly source of power.