USAID to make $60m available for clean energy

US envoy stresses on importance of economic ties, deepening partnership

ISLAMABAD: Under the new energy initiative, ‘US-Pakistan Partnership for Access to Credit’, the USAID will make at least $60 million funds available to Pakistan in the coming years for clean energy projects. This was stated by a US delegation visiting the country.

United States Trade Representative (USTR) Ambassador Michael Froman led the delegation to Islamabad to discuss the ongoing US-Pakistan Trade and Investment Framework Agreement (TIFA).



The TIFA council meeting, hosted by Commerce Minister Khurram Dastgir Khan covered a broad range of trade and investment-related issues. “The US greatly values its economic relationship that is responsible for the livelihoods of many thousands of people and their families.  We have accomplished a lot, but much more remains to be done,” Ambassador Froman said. “We believe that the best years of our relationship are in front of us as we work to fully take advantage of the enormous opportunities that lie before us.”



Both sides highlighted specific ongoing cooperation related to expanding trade and investment. They noted, for example, the September launch of a 15-year partnership between USAID and five Pakistani banks to make approximately $88 million available for private sector clean energy development in Pakistan, under the US-Pakistan Clean Energy Partnership programme.

The US delegation noted that initial investments in Pakistan will be made this year under the Pakistan Private Investment Initiative (PPII), which involves three investment funds that match USAID funding with private sector funds to invest at least $150 million in small and medium-sized businesses.



Between PPII, the new energy initiative and the US-Pakistan Partnership for Access to Credit, USAID will make at least $60 million in access to financing available in Pakistan in the coming years.

Ambassador Froman also pledged to continue to support Pakistan’s strategy to improve its ranking on the World Bank’s Ease of Doing Business index.

Froman also called on Pakistani officials to discuss issues of bilateral interest. During his meetings, Froman emphasised that the United States remains committed to working with the government and the private sector to enhance bilateral trade ties.

The US-Pakistan TIFA provides a strategic framework and principles for dialogue on trade and investment issues between the two nations.

Published in The Express Tribune, October 19^th, 2016.

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