Pakistan clears UAE bid for First Women Bank privatisation

ISLAMABAD: Pakistan on Wednesday approved a higher-than-reference bid from a United Arab Emirates-nominated entity, owned by the International Holding Company (IHC), for the privatisation of First Women Bank Limited (FWBL), marking a key step toward reviving foreign investor confidence and attracting fresh inflows of foreign direct investment (FDI).

An official told The News that both the governments would most probably sign the agreement on Friday at the PM’s office.

The decision came during a meeting of the Cabinet Committee on Inter-Governmental Transactions (CCoIGT), chaired by Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar. Officials said the approval signals Islamabad’s resolve to accelerate economic reforms through transparent privatization under a government-to-government (G2G) framework.

Dar lauded the Privatization Commission and other stakeholders for finalizing the deal, calling it an “important milestone” in the government’s broader strategy to enhance transparency, efficiency, and investor trust in state asset sales.

The meeting was attended by the ministers for petroleum and privatisation, minister of state for railways, and senior officials from the Cabinet Division, Privatization Commission and other departments.