Kuwait to invest in $750mn worth projects in Pakistan

KUWAIT CITY, May 15: Kuwait-backed investment units are planning to launch several projects worth a total of $750 million in Pakistan. This represents one of the largest proposed investments in the South Asian country in recent years, reports Aljarida daily.

According to a report published by the Bloomberg News Agency recently, Chairman of the Pakistan Kuwait Investment Company Mohammad Al-Fares revealed that the Enertech Holding Company, which is owned by the Kuwait Investment Authority, and the Pakistan-Kuwait Investment Company have applied for a digital banking license and are proposing to build a hydrogen plant and two smart cities.

He said the two companies are already working on a water pipeline project worth $200 million. The proposed investments represent a good leap for the economy of Pakistan, which has seen limited foreign investment for more than ten years due to power outages, terrorism and political instability.

The recent unrest has led to a regime change, and the country’s foreign exchange reserves have fallen to less than two months of imports.