Islamabad: The Government of Pakistan and the United Arab Emirates’ International Holding Company (IHC) have finalized an agreement under the Government-to-Government (G2G) framework for the privatization of the First Women Bank Limited (FWBL) — marking a major step in Pakistan’s efforts to attract foreign investment and empower women in the financial sector.
The signing ceremony, held in Islamabad, was attended by Prime Minister Shehbaz Sharif, senior federal ministers, and Chief of Army Staff General Asim Munir. The high-profile presence underscored the strategic importance of the deal, both as an economic initiative and as a milestone in strengthening Pakistan–UAE relations.
In his address at the ceremony, Prime Minister Shehbaz Sharif described the agreement as “the beginning of a promising new journey” and emphasized that joint ventures like this one reflect the deep-rooted friendship and mutual trust between Pakistan and the UAE. “This partnership is not just an economic transaction — it is a shared vision for progress and empowerment,” he said.
The Prime Minister highlighted that First Women Bank was originally established to promote financial inclusion and entrepreneurship among women in Pakistan. The privatization, he noted, will help transform the institution into a modern, globally competitive bank capable of offering specialized services to women professionals and entrepreneurs.
“Through this agreement,” the Prime Minister explained, “Pakistani women working in business, information technology, commercial enterprises, and joint ventures will have greater opportunities to expand their activities and excel in their respective fields.”
He further stressed that empowering women through financial independence is essential to national growth. “When women progress, families thrive, communities prosper, and nations advance. This privatization is not just about reforming a bank — it is about unlocking the full potential of half of Pakistan’s population,” he remarked.
