ISLAMABAD: A delegation of the Asian Infrastructure Investment Bank (AIIB), led by its President Jin Liqun, met Economic Affairs Minister Hammad Azhar on Tuesday to pledge support for various projects in power generation and transmission, transport, water supply and information technology sectors of Pakistan.
Acknowledging AIIB’s support for Pakistan, Azhar said the commitments reflect the confidence that the multilaterals hold in the government’s reform agenda and the progress it achieved towards economic stabilization. He maintained that AIIB is a valuable contributor in Pakistan’s development path.
Azhar reiterated that the government is fully committed to improving governance, bringing economic reforms and achieving sustainable development in the country.
He said that the government aims to put Pakistan’s economy on the path of sustainable and balanced growth and to increase per capita income. He emphasized that AIIB should further scale up its financing for development projects in Pakistan.
“Previous governments were more concerned about building infrastructure. Instant results from constructing any infrastructure gives you instant votes. However, this government is more focused on social sector development. Human Development Index (HDI) is 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,” Azhar stated.
The AIIB president, while appreciating the reforms initiatives of the current government, stated that the bank is committed to extending all-out support to Pakistan.
Jin Liqun said that AIIB is one of the leading development partners of Pakistan and that the bank is extending its support for policy reforms and project financing in key priority areas such as energy, road, social sector, water and irrigation, and urban services.
He reiterated the bank’s strong commitment to further strengthening and expanding its partnership with Pakistan.
SOCIO-ECONOMIC DEVELOPMENT
Separately, AIIB President Jin Liqun called on President Dr Arif Alvi in Islamabad to discuss matters pertaining to socio-economic development of Pakistan.
Liqun said that the bank has decided to finance scores of development projects in line with the priorities of the Pakistani government, adding that the current visit of AIIB delegation would help them understand Pakistan’s socio-economic needs and the priorities.
Commending AIIB’s for its commitment to development projects in Pakistan, President Dr Arif Alvi said that investment policy of Pakistan has been designed to provide a comprehensive framework so that a conducive business environment for Foreign Direct Investment is created. He also lauded the AIIB for funding of $100 million for M-4 Gojra-Shorkot Motorway and $300 million for Tarbela-V Hydropower Project.
