IFC Executive Vice President Jin Yong Cai stated this while leading a delegation in a meeting with Finance Minister Ishaq Dar, which discussed IFC’s programme portfolio in Pakistan.
The IFC was also closely examining the privatisation of power distribution companies and was keen to participate in the process, Jin said.
According to a message received here on Friday from Washington, he praised the policies of the government and said IFC’s presence in Pakistan was the second largest in the region.
The IFC is most actively involved in the financial sector and is also looking to invest in power production. It would also conduct risk profiling of Diamer Bhasha Dam, said Jin after Dar pressed him to finance the construction of the dam and highlighted the available opportunities.
Talking about trade, he assured the finance minister of his continuous support for initiating a $9-million programme aimed at improving labour standards in Pakistan and bringing them in line with international benchmarks.
He also committed to supporting Pakistan at all relevant forums for creating an improved business and investment climate.
During Dar’s current visit to Washington to attend annual meetings of the IMF and World Bank, the historical relations between China and Pakistan were appreciated.
“In the last decade, China has invested significantly in Pakistan in almost all economic sectors,” the minister said.
“We our expanding our economic ties with China by building the economic corridor that will link Gwadar to Kashgar, both through railways and highways, supplanting the old Silk Route.”
According to him, the economic corridor will usher in a new era of cooperation in the region by opening otherwise inaccessible areas and link them with profitable markets in the region.
Pakistan is actively promoting a number of projects that will enhance regional connectivity and encourage joint exploitation of regional resources. Most notable in this regard is the Central Asia-South Asia 1000 power supply project, which will transmit surplus power to the countries in deficit.
“We are the central part of the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, which will supply natural gas from Turkmenistan to Afghanistan, Pakistan and India,” Dar said.
Furthermore, the Central Asia Regional Economic Cooperation (Carec) is a partnership among 10 countries working together to promote development through cooperation, leading to accelerated growth and poverty reduction.
Published in The Express Tribune, October 11th, 2014.
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