IFC Invests in Bank Alfalah to Support SMEs, Spur Growth, and Jobs in Pakistan

Date: 
27 Nov 2014

IFC invested USD 67 million in Bank Alfalah to help expand access to finance for smaller businesses, spurring economic growth, and job creation in Pakistan. The equity investment will help the the bank grow its operations, increase lending for SMEs and into the agri-sector, as well as into new areas like sustainable energy finance. The investment fits with IFC’s strategy in the Middle East and North Africa to support Gulf companies’ expansion into emerging markets. The funding is also expected to help boost investor confidence in Pakistan’s banking sector. As part of the partnership, IFC has already provided Bank Alfalah with a comprehensive advisory package to implement its SME banking program.

"We are delighted to have IFC as a shareholder and partner. We look forward to developing a long term strategic collaboration which will strengthen the bank’s ability to provide a wider range of services and better access to finance, and create opportunities for economic growth in the country. This new foreign investment will also contribute significantly to attracting more investors to Pakistan," said Atif Bajwa, Chief Executive Officer of Bank Alfalah. "A strong financial sector is the backbone of any economy. This investment will help support Pakistan’s financial sector and demonstrate its long-term potential. It will also give smaller businesses better access to capital, allowing them to unlock their potential and create much-needed jobs," said Dimitris Tsitsiragos, IFC Vice President for Global Client Services. 

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Region: 
South Asia
Country: 
Pakistan