The International Finance Corporation (IFC) and Bank Alfalah Limited have signed a Project Agreement for IFC’s planned investment of up to $100 million in Pakistan’s first Diversified Payment Rights (DPR) note.

The transaction will provide Bank Alfalah with long-term international financing through a secured structure backed by diversified future foreign-currency receivables.

IFC’s Board approved the investment on May 27, 2026. The market-based DPR structure does not require a sovereign guarantee and could attract additional financing from international private investors.

The agreement marks a major development for Pakistan’s financial markets. It also creates a new funding channel for Pakistani banks seeking long-term foreign-currency financing.

The initiative follows IFC’s advisory support to the State Bank of Pakistan and the Ministry of Finance between 2022 and 2024. That work helped establish the regulatory framework for DPR issuances in Pakistan.

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Bank Alfalah has become the first Pakistani bank to launch a DPR programme under the new framework.

“This investment will strengthen Pakistan’s access to new sources of long-term funding,” said Momina Aijazuddin, IFC’s Regional Financial Sector Director.

Bank Alfalah President and CEO Atif Bajwa said the transaction represented an important step in developing Pakistan’s financial markets.

“This is an important step in deepening Pakistan’s financial markets,” Bajwa said.

The planned issuance could also broaden access to international capital for Pakistan’s banking sector while reducing reliance on traditional funding channels.