Lahore, Pakistan, September 8, 2010—IFC,
a member of the World Bank Group, announced today it will help the Government
of Punjab work with the private sector to develop modern grain storage
infrastructure to safeguard future food security.
IFC will advise the Government on establishing
public-private partnerships (PPPs) to build multigrain storage facilities
in the province capable of holding up to 800,000 metric tons, which will
improve the quality of stored grain and reduce wasteful losses.
IFC will help the Punjab Province –
considered Pakistan’s bread basket – identify private sector investors
to finance, design, build, operate, and maintain these storage facilities
through a transparent and competitive bidding process. The province is
Pakistan’s agricultural heartland and produces 75% of the country’s wheat
grain – a staple crop vital for food security.
Punjab Chief Minister, Mian Shahbaz
Sharif, said, ”This project marks a key step in our strategy to mobilize
the private sector to develop grain storage infrastructure, which is vital
for food security and for providing farmers modernized facilities in which
to safely store – and possibly in the future, trade – their grain.”
Nadeem Siddiqui, IFC Chief Regional
Representative for Middle East and North Africa and Country Representative
for Pakistan, said, “IFC is committed to mobilizing the private sector
to work to expand and improve agribusiness-related infrastructure in Pakistan
– thus helping to ensure food security and assisting the government
in its work to liberalize the sector.”
This initiative is a timely response
to the flood crisis that has caused widespread devastation in Pakistan.
The Government of Punjab has made building modern grain storage infrastructure
a priority after floods washed away some of the province’s wheat grain,
as well as wheat seed needed by farmers for the next planting season. Improving
this infrastructure is vital to safeguarding future strategic grain reserves
and ensuring food security for poor and vulnerable communities.
IFC, a member of the World Bank Group,
is the largest development institution focused on the private sector in
developing countries. We create opportunity for people to escape poverty
and improve their lives—by providing financing to help businesses employ
more people and provide essential services, mobilizing capital from others,
and delivering advisory and risk-management services to ensure sustainable
development. In a time of global economic uncertainty, our new investments
climbed to a record $18 billion in fiscal 2010. For more information, visit