Business

ISLAMABAD (Staff Report) – A spokesman of the Ministry of Finance has said that the Vice President of US Exim Bank, Annette Maresh has expressed interest in financing three LNG based power plants at Baloki, Bhikki and Haveli Bahadar Shah, in Pakistan.

Maresh expressed her organization’s interest in LNG investment through a letter addressed to Finance Minister Senator Ishaq Dar.

The decision by the Exim Bank to finance the energy projects also indicates the confidence of international institutions in economic stability and improved investment climate in the country, the Finance Ministry spokesman concluded.

Finance Minister had earlier initiated talks with US Exim Bank during his September 2015 visit to the US, where he met senior officials of the Bank and explained the business and investment opportunities in Pakistan. He urged the Bank to finance development projects in Pakistan. He also invited the Chairman of the Bank to visit Pakistan.

The spokesman said that Chairman & President of Exim Bank Fred Hochberg accepted the invitation and visited Pakistan in April 2016, along with other senior officials. The Chairman met with the Finance Minister and was given detailed briefing on various upcoming projects, especially energy projects, in which the Exim Bank could invest.

The Bank has now expressed a strong desire in financing the three LNG based power projects, offering multiple financing options to the Government of Pakistan in this regard.

Finance Minister, Ishaq Dar while welcoming the decision of US Exim Bank to finance LNG based power projects has directed relevant government departments to work out financing details at the earliest.