Pakistan Infrastructure Bank worth $1 billion initial capital in offing
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ISLAMABAD: Pakistan government has finally decided to set up a Pakistan Infrastructure Bank with the initial worth of $ 1 billion for the development projects in the country.
The government will set up Pakistan Infrastructure Bank with a paid-up capital of one billion dollars to finance private investors in development projects, said Finance Minister Ishaq Dar.
“Both the International Monetary Fund (IMF) and government will hold 20 percent stake each in the proposed Bank, while international organisations, such as International Finance Corporation, will have the remaining shares,” Dar told a press briefing with the Pakistani media towards the end of his current visit to Washington DC.
He gave a detailed round up on the plenary sessions with the IMF and World Bank during the briefing. He was on a five-day visit to U.S. to attend the spring meetings of IMF and the World Bank.
Minister Dar further said the government would soon be launching Pakistan Development Funds. The shares worth Rs100 billion of the Fund would be offered to Pakistani diaspora in order to effectively channelise their valuable remittances.
Later on, the Fund’s shares would be enlisted on the Pakistan Stock Exchange. “After success of sukuk bonds, Pakistan Development Fund would be another attractive investment for overseas Pakistanis,” he added.