Qatar Investment Authority (QIA), one of the largest sovereign wealth funds in the world, may invest about $3 billion in different sectors of Pakistan's economy, reported Bloomberg, citing people familiar with the matter.
The report said the $445-billion QIA is evaluating strategic investments in the country's main airports in Islamabad and Karachi, as well as in the renewable energy, power and hospitality sectors, the people said, not quoted because the information is private.
The development comes days after it was reported that Pakistan will receive about $2 billion from Qatar in bilateral support to help ease its financing crunch, according to the acting governor of the State Bank of Pakistan (SBP) Dr Murtaza Syed.
“The investments from the QIA may partly overlap with the $2 billion in bilateral support Qatar has already planned for Pakistan," Bloomberg quoted one of the people as saying.
“The fund may end up investing more or less than $3 billion depending on the asset valuations and opportunities," the people said, without sharing a time frame, according to the report.
Prime Minister Shehbaz Sharif, who is currently an official visit to Qatar, on Tuesday invited investors from the Middle Eastern ally to invest in Pakistan’s energy, aviation, agriculture, livestock, maritime, tourism and hospitality sectors.
The premier, in a meeting with the highest officials of QIA, had highlighted Pakistan’s liberal and business-friendly investment policies.
He also urged Qatari investors to explore the opportunities presented by the China-Pakistan Economic Corridor (CPEC) aimed at promoting regional connectivity and mutual prosperity.
Terming Pakistan a priority country, QIA officials expressed their keen interest and readiness to actively pursue investment opportunities in the country.
Pakistan is desperately seeking dollar inflows, with the International Monetary Fund (IMF) Executive Board set to announce its decision on the country's combined seventh and eighth reviews under the Extended Fund Facility (EFF) on August 29.
Statement from Prime Minister's Office, Islamabad
Meanwhile, according to a press release issued by the Prime Minister's Office, Islamabad, the premier met with His Highness Sheikh Tamim bin Hamad Al Thani, Amir of the State of Qatar, at the Diwan-e-Amiri, in Doha on Wednesday.
“During their extensive consultations, the two leaders exchanged views on bilateral, regional, and international issues. They expressed satisfaction on the upward trajectory of Pakistan-Qatar relations and agreed to work together to further strengthen bilateral cooperation in all areas of mutual interest,” the Prime Minister's Office (PMO) statement said.
Recalling Pakistan’s long-term partnership with Qatar in the field of LNG cooperation, the Prime Minister thanked His Highness the Amir for Qatar’s vital support in meeting Pakistan’s energy needs. “The two sides also explored new avenues for mutually beneficial cooperation in the energy sector,” the statement said.
The Prime Minister stressed that the Pakistanis working and residing in Qatar were not only a source of strength for the economic progress of both countries but also a testament to the value of people-to-people linkages.
He hoped that Qatar’s rapid economic growth would present even greater opportunities for Pakistanis in the future.
The Prime Minister and the Amir also exchanged views on the developments in the region.
“The Prime Minister appreciated Qatar for its long-standing and continuing efforts to promote peace and reconciliation in Afghanistan,” the statement added.
“The two leaders agreed to work together to help address the grave humanitarian and economic crises confronting the Afghan people, stressing that the situation warranted the international community’s scaled-up assistance.”
During the meeting, the premier also highlighted the grave human rights situation in the Indian Illegally Occupied Jammu and Kashmir (IIOJK) and underscored the importance of a peaceful resolution of the Jammu and Kashmir dispute for sustainable peace, security and prosperity in South Asia.
The Amir reassured the Prime Minister of Qatar’s commitment to forging a stronger economic partnership with Pakistan.
The two leaders agreed on the importance of frequent high-level exchanges for maintaining the present momentum in bilateral cooperation.
"His Highness the Amir congratulated the Prime Minister on assumption of office and wished him full success. He also conveyed his best wishes for the continued progress and prosperity of the people of Pakistan.
"The Amir reassured the Prime Minister of Qatar’s commitment to forge a stronger economic partnership with Pakistan. The Prime Minister thanked His Highness for the Qatar Investment Authority (QIA)’s readiness to invest $3 billion in various commercial and investment sectors in Pakistan," the statement added.