US announces $80m investment initiative

Progra­mme to fund small and medium sized enterp­rises.

ISLAMABAD: The United States on Friday announced financial support worth $80 million for the Pakistan Private Investment Initiative, which will be spread over a few years, to promote economic activity in the country. Drawing on public-private partnership initiatives, the programme will spur job growth and economic development by expanding access to capital for Pakistan’s small and medium sized companies, said a statement issued from US embassy here today.

US Charge d’Affaires in Pakistan Richard E Hoagland, while commenting on the initiative, said: “Pakistan has a wealth of talented entrepreneurs who desperately need capital to fully realise their potential.” He said this initiative is an example of how the United States can move beyond traditional foreign assistance and play a constructive role in helping these entrepreneurs expand their businesses, provide new jobs to Pakistan’s fast-growing population, and improve lives.

Hoagland said that market-oriented commercial solutions have been a priority for the United States in its support of Pakistan’s economic development. He said the Pakistan Private Investment Initiative will generate investment funds catalysed by US assistance.

This initiative seeks private or other qualified sources of capital for matching investments and fund management services. The investment funds will make equity investments in promising Pakistani companies under-served by existing sources of capital.

Published in The Express Tribune, September 15^th, 2012.