ISLAMABAD: Finance Minister Ishaq Dar on Wednesday proposed to the International Finance Corporation (IFC) — a member of the World Bank Group — to establish a new institution in Pakistan for mobilising long-term financing needs of infrastructure projects through the private sector.

During a meeting with Country Manager IFC, Nadeem Siddiqui, the finance minister said that majority of equity for the proposed new institution may be provided by IFC and other International Financial Institutions (IFI) and multilateral organisations while the government may be a minority shareholder.

Mr Dar said the proposed new institution will be a private sector-led financing platform, supporting development across key sectors in the form of public-private partnerships (PPP) or other types of private investments in infrastructure.

Mr Siddiqui said the IFC welcomes the proposal to establish a new institution focused on catalysing private sector financing and investment in infrastructure projects. The IFC expressed keen interest to work with the government for establishing the proposed new institution and for IFC to provide equity funding for the institution.

He said IFC will submit a detailed working on the new institution in due course with a clear action plan.

The finance minister said the government welcomes all opportunities to partner and collaborate with IFIs and multilateral organisations for the development and betterment of the country.

Published in Dawn, January 26th, 2017