KARACHI: The Inter­national Finance Corpora­tion (IFC), a member of the World Bank Group, and Bank Alfalah Limited, have reached an agreement on IFC’s proposed $67 million investment in Bank Alfalah by subscribing to 15 per cent equity investment in the bank to help it increase its access, said a press release issued on Thursday.

“We view this potential partnership with IFC as a long-term strategic collaboration which will strengthen our competitive position and allow us to increase our capital for growth both in Pakistan and international markets,” said Atif Bajwa, President and CEO of Bank Alfalah.

“It also represents a significant contribution to foreign direct investment in the country.”

The transaction is expec­ted to close after obtaining all necessary regulatory and shareholder approvals, it added.

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