A $225 million platform has been developed by the International Finance Corporation (IFC) of the World Bank Group to support companies in Pakistan and other African, Middle Eastern, and Central Asian nations.

The platform will expand on IFC’s programs, such as the IFC Startup Catalyst Program, which aim to create tech ecosystems in Pakistan, the Middle East, Africa, and the Middle East.

The platform will be supported by an additional $50 million through the Private Sector Window’s Blended Finance Facility of the International Development Association, which lowers the risk of investments in underdeveloped nations like Pakistan. In addition, the IFC will generate money from the private sector and other development organizations to support businesspeople and IT firms in those nations.

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The $225 million funding platform from the IFC will go to venture capital firms and businesses that are already using technological advancements to address development concerns in industries including agriculture, health care, e-commerce, and others.

The platform, according to IFC’s Managing Director Makhtar Diop, would aid cutting-edge tech businesses in Pakistan, the Middle East, Africa, and Central Asia in growing during a capital scarcity and generating scalable investment opportunities.

By 2030, Pakistan has the potential to generate yearly economic value of up to $59.7 billion, or nearly 19 percent of its GDP. The IFC platform will promote venture capital ecosystems and invest in overcoming development difficulties through innovations in a variety of fields, including but not limited to agriculture, e-commerce, health care, and the environment.

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