EAD - IFC sign agreement on advisory services for GoP Islamabad
Secretary EAD, Mohammad Saleem Sethi and Mr. Muneer Ferozie, Regional Manager & Head, International Finance Corporation here on Monday signed Framework agreement setting out principles for cooperation between the Pakistan Government and IFC for provision of advisory services.
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 privatization transactions and the IFC would contribute by mobilizing 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 – 2019) to assist the GoP in its PPP (public private partnership) and Privatization 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 privatization transaction selected for implementation under this Agreement, provide advisory assistance.
In their brief remarks on the occasion, Secretary EAD Saleem Sethi and Mr. Nadeem Siddiqui, Country Head, IFC Pakistan welcomed signing of the framework agreement saying it was a step ahead in IFC-GoP cooperation.