News Desk |
Kuwait Investment Authority (KIA) announced its decision of launching a mega investment programme across Pakistan, worth an initial investment fund of $20 billion, reported the Associated Press of Pakistan (APP).
KIA representative, Dr. Ahmad Idrees, held a meeting with Sindh Minister for Works, Services and Irrigation, and stressed that the Kuwait investment authority seeks to invest in multiple sectors across Sindh, primarily energy, infrastructure, and desalination.
APP cited his remarks, “KIA desires to invest under different modes such as public-private partnership, independent power producer (IPP), build, operate and transfer (BOT) basis and build operate and own (BOO) basis.”
In order to promote the investment programme and streamline its projects, a coordination committee consisting of three members was formed.
He added that the projects the Kuwait Investment Authority seeks to undertake will require certain guarantees and a recovery mechanism, and added, “The mode of investment will depend on the viability of projects.”
Dr. Ahmad Idrees expressed that Kuwait has been investing in various sectors of Pakistan since 1960, and had collaborated with a wide range of institutions and organizations, including Careem, Meezan Bank, and the Pak-Kuwait Investment Company. He added, “Now, it is the second phase of a major investment”.
Dr. Idrees highlighted that the Kuwait Investment Authority has undertaken a memorandum of understanding with the Balochistan government for establishing a power plant capable of generating 500-megawatt.
In order to promote the investment programme and streamline its projects, a coordination committee consisting of three members was formed. Headed by Special Assistant to Chief Minister, Ashfaq Memon, this committee was tasked with the responsibility of finalizing projects and consulting with relevant stakeholders.
The representative of the Kuwait Investment Authority highlighted that Kuwait is largely concentrated on addressing the challenges of food security, and seeks to provide financial and technical assistance to governmental projects focused on eliminating food security. He stated, “Hence, agricultural and livestock projects including food preservation can be included.”
Dr. Idrees stated that the KIA is willing to construct a significant number of houses across Sindh and provide payment procedures with flexible and easy installments, starting from Rs20,000 per month. He observed, “This formula has proved very successful throughout the world”.
Saeed Ghani stressed that Sindh is fully prepared to put to use the investments from Kuwait and other states. In response, KIA’s decision to construct housing facilities in Sindh.
The Sindh Minister for Works, Services, and Irrigation addressed the meeting and stressed that the Sindh government is focused on strengthening food security across the province. He informed the representative of the KIA that Bilawal Bhutto Zardari, Chairman of Pakistan People’s Party, had also highlighted the challenges of food security in a meeting with the authorities of various provincial departments. Bilawal Bhutto Zardari had issued various orders to undertake every possible measure to eliminate this challenge.
Abdul Rahim Soomro, Sindh Forest, and Livestock Secretary, also addressed the meeting and stated that the Sindh government is committed to improve the ecosystem and promote biodiversity. Commenting on the Kuwait Investment Authority’s decision to provide funds for food security, Soomro added, “Keeping food security in view, there is a need for developing wetlands”.
Saeed Ghani, Sindh Minister for Local Government, highlighted that even though the Sindh government had collaborated with various international bodies, including the World Bank and the Asian Development Bank, it is still looking for “additional partners for swift development” of underprivileged areas.
Saeed Ghani stressed that Sindh is fully prepared to put to use the investments from Kuwait and other states. In response, KIA’s decision to construct housing facilities in Sindh, the Works, and Services Department, identified multiple mega development projects, including the construction of a bridge adjacent to the Guddu Barrage to facilitate traffic.