LONDON – The United Kingdom (UK) has announced to provide 1 billion poundsfor projects in Pakistan. It has encouraged its firms to set up facilitiesin Pakistan.
UK’s Her Majesty’s Regional Trade Commissioner for the Middle East,Afghanistan, and Pakistan (MEAP) region, Simon Penny, said that the Kingdomis increasing its funding to Pakistan from 400 million pounds to onebillion pounds.
The country will offer funds for projects like roads, infrastructure,schools, and hospitals. “I think this is a very good example of how the UKis having confidence over Pakistan. It is a very important market for us,”he said.
Penny told that the UK used to provide funding to its firms for doingbusiness in other countries through export credit agency, UK Export Finance(UKEF). However, now the funding will be made available for Pakistanicompanies as well.
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“For making that money available, we look for borrowers of that money to asource of a minimum of 20 percent of the project from the UK, which is veryfavorable. It also provided a very safe return [of money] in terms of thelaw of the land which is…10 years or longer,” said the dignitary.
