OUR STAFF REPORTER

ISLAMABAD

Pakistan and International Finance Corporation here on Monday signed framework agreement setting out principles for cooperation between the government and IFC for provision of advisory services.

Secretary EAD, M Saleem Sethi and Muneer Ferozie, Regional Manager & Head, IFC signed Framework agreement. Under the agreement, the IFC, in two phases respectively would provide assistance on project preparation including feasibility reviews and project tendering covering aspects of prequalification, marketing to potential investors, bidding and signing of the PPP contracts, asset sale and share sale/ purchase agreements with successful bidders.

The agreement would help GoP departments to carry out the smooth privatisation transactions and the IFC would contribute by mobilising grant funds to cover the cost of external consultations for project implementation.

It may be mentioned that World Bank has agreed in the Country Partnership Strategy (2015-19) to assist the GoP in its PPP (public private partnership) and Privatisation programmes. The GoP, in conjunction with the relevant departments aims to increase private sector investment and participation in the infrastructure and social sectors in the form of PPPs and other similar instruments. IFC accordingly would, for each PPP and/ or privatisation transaction selected for implementation under this agreement, provide advisory assistance. Secy EAD Saleem Sethi and Nadeem Siddiqui, Country Head, IFC Pakistan welcomed signing of the framework agreement saying it was a step ahead in IFC-GoP cooperation.