China-based bank to finance Pakistan's socio-economic projects

Asian Infrastructure Investment Bank (AIIB) has decided to finance a number of development projects in Pakistan targeting socio-economic uplift, bank's President Jin Liqun said Tuesday.

In a meeting with President Dr Arif Alvi here at Aiwan-e-Sadr, the head of the multilateral development bank headquartered in Beijing, China said "AIIB was fully committed to socio-economic development of Pakistan".

With a mission to improve social and economic outcomes in Asia, AIIB invests in sustainable infrastructure and other productive sectors.

The AIIB President said his visit to Pakistan would give an understanding about the country's socio-economic needs and the priorities of the government.

President Dr Arif Alvi said Pakistan's investment policy provided a comprehensive framework for conducive business environment to attract Foreign Direct Investment.

He also appreciated the AIIB's funding of US$100 million for M-4 Gojra-Shorkot motorway and US$ 300 million for Tarbela-V hydropower project.

Federal Minister of Economic Affairs Division (EAD) Hammad Azhar on Tuesday emphasized that Asian Infrastructure Investment Bank (AIIB) further scale up its financing

Pakistan.

Minister for Economic Affairs acknowledged AIIB's support for Pakistan in different infrastructural project, said a statement issued by Economic Affairs Division (EAD) here.

A delegation of the AIIB led by the President Mr. Jin Liqun met with the Federal Minister of Economic Affairs Division (EAD) Hammad Azhar to support projects in power generation and transmission, transport, water supply sectors, Information technology and other matter of mutual interest.

Minister said that the commitments reflect the confidence that multilaterals hold in the government's reform agenda and the progress achieved towards economic stabilization, adding that AIIB is a valuable contributor in Pakistan's development path.

The Minister reiterated that the government is fully committed to improve governance, bring economic reforms and achieve sustainable development.

The government aims to put Pakistan's economy on the path of sustainable and balanced growth and increase per capita income.

"Previous governments were more about building infrastructure."

He said that instant results from constructing any infrastructure give you instant votes.

However, this government is more focused on social sector development.

The Minister said

for

development

projects

that

in

Human

Development Index was already slipping away from our hands.

Any investment in social sector development yields results after ages, "We are hopeful to see positive results in future", says Azhar.

President AIIB while appreciating the reforms initiatives of the current government, committed to extend support to Pakistan.

Mr. Jin Liqun, President AIIB stated that AIIB is one of the leading development partners of Pakistan. AIIB fully supports the government's development vision and policies.

He expressed that AIIB is providing

its support for policy reforms and project financing in the key priority areas such as energy, road, social sector, water and irrigation and urban services.

He also reiterated AIIB's strong commitment to further strengthening and expanding its partnership with Pakistan.

The Federal Minister for Economic Affairs, Muhammad Hammad Azhar, thanked AIIB for extending its continuous support to the Government of Pakistan in its efforts to achieve sustainable economic development in the country.