Pakistan Infrastructure Bank expected to become operational this year

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ISLAMABAD: Finance Minister Asad Umar chaired a high-level meeting on Monday to discuss matters pertaining to the operationalisation of Pakistan Infrastructure Bank (PIB) and Public-Private Partnership Authority (PPPA).

Both these institutions aim to play a vital role in enhancing Investment-to-GDP ratio and spur overall economic growth.

According to details, Pakistan Infrastructure Bank is expected to be operational sometime this year. It will provide a facility for long-term investment to commercially viable projects. It will also provide support to social sector projects besides helping in creating a long-term debt market. International Finance Corporation (IFC) is partnering with the Government of Pakistan for the establishment of the bank.

The meeting on the occasion called for early finalisation of rules and procedures for the functioning of PPPA. Asia Development Bank is providing technical and professional support for the operations of PPPA, which aims to forge government-private sector cooperation for long-term development projects.

The meeting also gave a nod of approval to initiate procedures for hiring top level officials for both the institutions.

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