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Vice President EIB calls on Finance Minister

Saturday, 15 February 2014 19:10 Posted by Imaduddin E-mailPrintPDFViews: 29

imageISLAMABAD: Vice President European Investment Bank (EIB), Ms. Magdalena Alverez Arza along with EU Ambassador here Saturday called on Minister for Finance, Mohammad Ishaq Dar.

Welcoming the Vice President EIB, Finance Minister said that government has developed a policy whereby local and overseas investors are fully protected.

He said that sovereign guarantees through well designed financial instruments are available and offer attractive returns to the overseas energy sector investors that can secure their investment related economic interests.

Finance Minister acknowledged the assistance of EIB on different projects especially Kheyal Khawar Project.

He presented a snapshot of Pakistan's economy to the Vice President EIB and said that country has inherited a complex economic situation with macro-economic imbalances.

The present government has focused its attention to the issues of economy, energy and extremism, he added.

Besides, it is fully geared towards increasing the existing 14,000MW power potential upto 22,000 MW in next four years in order to address country's growing commercial and industrial sectors' needs.

In medium terms, the government believes in increasing country's power generation potential upto 40,000MW in consideration of future energy-based needs in all sectors of development.

He said that Pakistan has 90,000 MW power generation capacity on Indus River cascading down to the plains of the country from its place of origin and this power generation potential can attract overseas investment.

He also explained the salient features of proposed Diamer Bhasha Hydropower Project which has a predesigned feature of building a water reservoir that can support Pakistan's power and water related needs if overseas investment also is packaged in it.

Ishaq Dar said that the global commercial market and multilateral donors...