SIFC greenlights $28b investment projects

The Special Investment Facilitation Council (SIFC) — a joint civil-military forum — has approved 28 major investment projects worth billions of dollars.

The projects, to be offered to Gulf nations, include the construction of the Diamer-Bhasha Dam and mining operations at Reko Diq in Balochistan's Chagai district.

According to an official list, if countries like Qatar, Saudi Arabia, the UAE and Bahrain take up these projects, the total investment under SIFC could exceed $28 billion – surpassing the amount invested under the China-Pakistan Economic Corridor (CPEC).

The approved projects span multiple sectors, including food, agriculture, information technology, minerals, petroleum and energy. The ventures include large-scale cattle farms, the $10 billion Saudi Aramco refinery, copper and gold exploration in Chagai and the Thar Coal rail connectivity project.

Moreover, China has been offered an investment opportunity in the Diamer-Bhasha Dam under CPEC.

To ensure the smooth execution of these projects, the parliament has passed amendments to the Pakistan Army Act and the Board of Investment (BOI) Ordinance, granting legal protection to SIFC's work.

Amendments have also been introduced to the Election Act, allowing these projects to continue even during a caretaker government.

The legal reforms will help expedite the completion of the 28 approved projects while providing immunity to decision-makers from investigations by anti-corruption agencies.

The government is also introducing a Pakistan Sovereign Wealth Fund, which will provide equity capital to SIFC-approved projects. The fund will pool assets from seven for-profit public sector enterprises to finance projects approved by SIFC.

SIFC has been granted sweeping authority to attract and facilitate foreign investment.