Asian Infrastructure Investment Bank to construct projects worth billions of dollars in Pakistan

Asian Infrastructure Investment Bank to construct projects worth billions of dollars in Pakistan
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ISLAMABAD - Minister for Planning and Development Khusro Bakhtyar has invited Asian Infrastructure Investment Bank (AIIB) and Chinese corporate leaders to forge a sustainable long-term partnership with Pakistan aimed at financing projects that contribute to overall economic growth of the country.

He extended this invitation in Beijing on Wednesday while meeting with the president of AIIB Jin Liqun and leadership of various Chinese companies including China Railway Construction Corporation, Huawei, Norinco and others on the sideline of China Pakistan Economic Corridor's 8th Joint Cooperation Committee meeting scheduled to be held tomorrow in the Chinese capital.

The Minister Khusro Bakhtyar would co-chair the JCC meeting with Vice Chairman National Reform Commission of China.

In a meeting at AIIB Headquarters, Khusro Bakhtyar said that Pakistan has received a solid investment in energy generation portfolio, but it is now encouraging projects based on hydel or renewable resources. He proposed that the bank could explore opportunities of partnership in Dasu and Mohmand Dam projects which are in the planning stage.

President of the Asian Infrastructure Investment Bank said that projects worth 1.68 billion dollars in different sectors are being financed by his bank in Pakistan. He vowed to support transmission line, hydel energy generation and other projects that could support Pakistan's economic growth. He informed that a project to support SMEs was already approved and this investment would be enhanced with the passage of time.

In a separate meeting, the Minister invited Chinese enterprises to heavily invest in Pakistan's industrial, socio-economic, agriculture and transport infrastructure sectors.

Minister said that Pakistan and China are agreed on timely completion of CPEC ongoing projects and its future course to explore new areas of cooperation in socio-economic development.

Khusro Bakhtyar said that a framework of cooperation in industrial sector would be agreed with China during the JCC. It would help to boost Pakistan's industrial capacity through joint ventures in priority areas, relocation of labor-intensive industry and SMEs collaboration. The Minister said that the Rashkai Economic Zone would be implemented in the first quarter of next year and rest eight SEZs would follow the same line.

The Minister while highlighting potential of Pakistan's agriculture sector said that the cooperation in this sector would promote joint ventures, value addition, cold chain management for fruits and vegetables, marketing and branding that will help the country to overcome its weaknesses.

Minister further intimated that Pakistan wishes to launch projects in the transport sector with a special focus on the development of ports, rail and roads, through a feasible financial model that may create the least burden on Pakistan's economy.

He said Pakistan Railways Main Line One is being offered to investors for implementation under Built-Operate-Transfer mode.

Chinese investors showed a keen interest in the development of transmission line, infrastructure projects including ML-1, mass transits system and road projects.

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