Industrial Development Bank of Pakistan is a Pakistani state-owned development bank located in Karachi, Sindh, Pakistan. It is among the oldest financing institutions in Pakistan.
History
The Industrial Development Bank of Pakistan (IDBP) was established on July 29, 1961, through the transformation of the Pakistan Industrial Finance Corporation (PIFCO).[1] PIFCO, founded in February 1949 with a share capital of Rs. 20 million, was primarily funded by the Central Government (51 percent) and various institutional and individual investors (40 percent).[1] Over its 12-year tenure, PIFCO allocated financial assistance of Rs. 293 million, directing a major portion (56 percent) to the jute and cotton industries, with the remainder distributed across 33 other sectors such as shipping, cement, and glass.[1] PIFCO primarily facilitated loans exceeding Rs. 1 million but was constrained by its focus on existing enterprises and lacked the capability to support new ventures or lend against future assets.