The United States is committed to develop long-term business and trade relations with Pakistan to assist it on its path to sustainable growth.
This assurance was given by a high-level US commercial delegation led by Exim Bank Vice-President April H. Foley in a meeting with Minister for Privatisation and Investment Dr Hafeez Shaikh here on Tuesday.
She was accompanied by Overseas Private Investment Corporation (OPIC) vice-president Michael T. Lempres and US Trade and Development Agency (TDA) deputy director Barbara Bradford.
April H. Foley said the US was committed to have long-term business relations with Pakistan.
Lauding the government's efforts for economic growth, she said Pakistan had tackled some difficult macroeconomic issues and the country's economic growth had responded positively to the reforms.
The Exim Bank had upgraded its sovereign risk rating for Pakistan, she informed.
Exim Bank vice-president said the bank was now open to finance Pakistan's purchases of US goods and services in the public sector; from short-term 180-day sales to contract on repayment terms of five years or more, while the cost of financing would be now 13 percent less.
For larger projects, it supported Pakistan's purchases of US exports through structured and project finance where repayment was based on cash flows from the project itself, she added.
The delegation also expressed willingness to assist Pakistan through grants, technical training and preparation of feasibility's by the TDA, and support for debt financing and project loans for the public sector by the Exim Bank.
The Exim Bank has made arrangements with three Pakistani banks ie National bank of Pakistan (NBP), Muslim Commercial Bank (MCB) and Union Bank (UB) to provide finance for the public sector projects.
Afterwards they might think to finance projects in the private sector, April H. Foley said.
Dr Hafeez Shaikh briefed the visiting delegation about the structural reforms and aggressive privatisation policies pursued by the government.
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