A Citibank management delegation, headed by its Managing Director and Country Corporate Officer Zubyr Soomro, called on Punjab Chief Minister Pervaiz Elahi and expressed the bank's deep interest in providing financial assistance for mega developmental projects in the province.
Soomro offered his bank's assistance for all kinds of individual businesses, mega projects and for floating of bonds in order to have a partnership with the government. He said that economic and industrial planning of the government had increased the trust of foreign banks in the policies of the province. He said that Punjab was progressing rapidly in the right direction and its economic future was bright.
The Chief Minister briefed the Citibank delegation about his economical and financial vision, the on-going developmental process in the province and the mega projects. He said that in the light of 'Vision 2020', the province was progressing for the ultimate prosperity. "Economic growth, job opportunities, provision of social services, poverty alleviation and growing progress are the main focus of our policies," he told the visiting delegation.
He said that to achieve economic and industrial development, provision of state-of-the-art infrastructure was being ensured and mega-projects were under completion in different sectors. He said that such mega projects as having economic return were being undertaken by the government itself, while those with commercial return were being completed by the public-private partnership.
He said that these projects included extension and repair of Taunsa Barrage, construction of Lahore Ring Road, Mass Transit Train System, Industrial Zones and establishment of technical universities. The chief minister informed the delegation that management units had been formed to monitor the mega projects so that these could be completed within the stipulated time.
Pervaiz observed that big cities were the engines of growth for the province and that was why the government was spending huge amounts for their development. He said with the cooperation of Singapore, governance reforms were being implemented in the province. In the last 4 1/2 years, annual development programme had been increased from Rs 10 billion to Rs 150 billion, he said.
He also informed them about his government's plan for issuance of bonds. He said that the Punjab Government was completing different plans of modern infrastructure development with its own resources whereas the World Bank was funding projects in the fields of education, health and other sectors.
He said that Asian Development Bank was co-operating in the project of Mass Transit Rail and talked about the state-of-the-art facilities being provided in Sunder Industrial Estates.
He said that for promotion of tourism in the province two five-star hotels were being constructed in Lahore. He said that three industrial zones were being established on Silakot-Lahore Motorway, where, with the cooperation of Sweden and Germany, three universities of science and technology would be set up which would help in producing skilled manpower to meet the industries requirements.
The chief minister said the government had taken solid measures to provide security to investment in the province and the investment-friendly policies had offered extensive economic opportunities. He claimed that because of the ideal economic policies of the government, the process of development had been strengthened in the province.
Members of delegation of Citibank said that they were fully aware of the economic and industrial growth, provision of jobs and construction of mega projects by the Government of Punjab and they wanted to participate in this process of development. They appreciated the transparent and open working, good governance and internal and external investment.
They said that their confidence was increasing by fiscal and financial rating of this government by international institutions and they intended to co-ordinate for developing in different sectors with the Government of Punjab. Head and Managing Director of EMEA Public Sector Client Group Ms Natasha Ansell, Managing Director Global Infrastructure Citi Group, Ms Kathie Painter & Vice President Citibank & Corporate head Wasif Islam Raza were also present in the meeting.