ISLAMABAD: The Asian Infrastructure Investment Bank (AIIB) on Wednesday indicated its interest in exploring future investments in Pakistan’s energy transmission sector.
Pakistan also urged the bank to consider financing the Sukkur-Hyderabad section of the Karachi-Peshawar Motorway (PKM) (M-6), which would complete the motorway network from Karachi to Peshawar.
Konstantin Limitovskiy, vice president of the AIIB, met with Federal Minister for Economic Affairs Ahad Khan Cheema to discuss AIIB’s current projects, pipeline portfolio, and opportunities for new financing initiatives in Pakistan.
Development goals: AIIB vows support to Pakistan
The secretary of the Economic Affairs Division also attended the meeting.
Cheema expressed gratitude for AIIB’s steadfast support, particularly during the 2022 floods.
He commended the bank’s investment in Pakistan and recommended that AIIB enhance its presence in Pakistan at a senior level when the volume of investment increases.
Minister Cheema also acknowledged the bank’s commitment to the Project Preparation Special Fund (PPSF) for the preparatory work on the Improvement and Widening of the N-5 Project, expressing satisfaction with AIIB’s contributions to its financing and progress.
He emphasised that AIIB’s involvement would be instrumental in the project’s success.
Highlighting the government’s priorities of regional connectivity and economic growth, Minister Cheema conveyed Pakistan’s high regard for AIIB’s support in infrastructure development.
He urged the bank to consider financing the Sukkur-Hyderabad section of the Karachi-Peshawar Motorway (PKM) (M-6), which would complete the motorway network from Karachi to Peshawar.
The secretary of the Economic Affairs Division requested AIIB to expand its portfolio in Pakistan, particularly emphasising the strategic importance of the N-5 as a high-priority government project.
Limitovskiy, AIIB vice president, expressed confidence in the Economic Affairs Division’s project review process and anticipated timely resolution of outstanding project issues.
He reaffirmed AIIB’s commitment to prioritising the N-5 Project and praised Pakistan’s cooperation in advancing the bank’s portfolio.
Additionally, he indicated the AIIB’s interest in exploring future investments in Pakistan’s energy transmission sector.
Copyright Business Recorder, 2024