UK announced to provide 1 billion pound for projects in Pakistan
LONDON - The United Kingdom (UK) has announced to provide 1 billion pounds for projects in Pakistan. It has encouraged its firms to set up facilities in Pakistan.
UK’s Her Majesty’s Regional Trade Commissioner for the Middle East, Afghanistan, and Pakistan (MEAP) region, Simon Penny, said that the Kingdom is increasing its funding to Pakistan from 400 million pounds to one billion 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 UK is 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 doing business in other countries through export credit agency, UK Export Finance (UKEF). However, now the funding will be made available for Pakistani companies as well.
“For making that money available, we look for borrowers of that money to a source of a minimum of 20 percent of the project from the UK , which is very favorable. It also provided a very safe return [of money] in terms of the law of the land which is…10 years or longer,” said the dignitary.