| ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has formally invited the Asian Infrastructure Investment Bank (AIIB) to invest in the reconstruction of National Highway 5 (GT Road), a crucial infrastructure project for Pakistan. This proposal was made during Aurangzeb’s recent engagements in Washington, D.C., where he met with various stakeholders, including the President of AIIB, Jin Liqun.
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In a press release from the finance ministry, Aurangzeb emphasized the importance of diversifying Pakistan’s financing sources and indicated that the government aims to explore new avenues for funding, including the potential issuance of panda bonds with a partial credit guarantee from AIIB. He highlighted the critical role that AIIB could play in enhancing the country’s infrastructure and addressing challenges related to climate change and disaster preparedness.
During his interactions, Aurangzeb underscored the need for continued reforms to sustain economic growth and development. He expressed satisfaction with the outcomes of his week-long meetings and discussions on the sidelines of the Annual Meetings 2024, pointing out that AIIB’s support is particularly vital for Pakistan, especially in light of the devastating floods that occurred in 2022.
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Additionally, Aurangzeb invited the AIIB President to visit Pakistan for further discussions on mutual interests and to review the portfolio of ongoing projects. This proactive approach aims to strengthen economic ties and facilitate investment in key infrastructure projects.
Aurangzeb also took the opportunity to engage with Pakistani-American tech entrepreneurs, noting that the IT sector is among the fastest-growing areas of the economy, contributing significantly to exports. He reiterated the government’s commitment to fostering a robust digital ecosystem through various legislative and policy initiatives.
This strategic outreach to the AIIB and other international financial institutions signals Pakistan’s intent to enhance its infrastructure and economic resilience while attracting foreign investment to drive sustainable growth. |
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