International lenders: Dar shares AIIB details in meeting with ADB

Establishment of infrastructure bank to help region, says executive director


APP July 07, 2015
Establishment of infrastructure bank to help region, says executive director .

ISLAMABAD: In a meeting with Asian Development Bank (ADB) Executive Director Sami Saeed, Minister for Finance Ishaq Dar shared details of his recent visit to Beijing where he signed Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) on behalf of the country.

According to a statement issued by the Finance Ministry, Dar exchanged views with Saeed on ADB’s development programmes in Pakistan. Saeed said that AIIB had an important role to play for infrastructure development in Asian countries, specifically Pakistan where the government was focused on energy, infrastructure and communication projects.

He said that the establishment of AIIB would help ADB in becoming more competitive and come up with better investment plans for its development partners.

He added that the government has implemented several positive measures for economic reforms and had earned the confidence of foreign investors who were eager to invest in mega projects in the country.

Saeed referred to Finance Minister’s meetings in Baku where he had presented Pakistan’s case for financing requirements in an emphatic manner and said that ADB was considering enhancing funding for Pakistan.

He informed the minister that on June 30, ADB had approved $225 million for flood affectees out of which 65% will be for retroactive financing. Another $400 million were ready to be disbursed to Pakistan after the Board approval under the Energy Sector Reforms Programme, he added.

He informed the Minister that ADB was planning to contribute towards “Disaster Management Fund” for Pakistan along with other donors to enhance the country’s capacity to guard against natural calamities. 

Published in The Express Tribune, July 8th,  2015.

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COMMENTS (1)

Haroon Rashid | 5 years ago | Reply The Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) on behalf of Pakistan by the Federal Finance Minister in Beijing is a milestone in regional unification/bonding lasting relationship to the economic wellness of the member states. Priorities as energy, communication, and infrastructure, which should also include Climate Change today and how we can address in the allocation of Disaster Management Fund for Pakistan. The ongoing and future projects of infrastructure, energy, communications, Climate Change/Disaster Management Fund should come under the umbrella of AIIB for transparency, check and balance from various bureacratic hurdles in Pakistan. Mr. Sami Saeed of ADB understands how public finance projects need a better guidance from his experience in reference to be one stop only which would now and future should be AIIB. The area of Climate Change is very important and Pakistan has to make a serious impact at the Paris moot in December 2015. We are already facing the impact of Climate Change in the region India, where coal power gneration, and carbon emissions has led the country to death of hundreds of innocent citizens. The import, assembly of cars, buses, motor cycles, trucks should be reduced to the maximum with high speed train cross country. We are wasting our resources and exposing ourselves to disasters which could not be managed by encouraging motorisation. We need to develop trains network including the city multi modal transport for cargo goods, and passenger.
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