ISLAMABAD, March 8: The United Arab Emirates (UAE) and Pakistan have decided to expedite the construction of six projects worth US$256 million. The projects include the Khan Khwar Hydropower Project
, Duber Khwar Hydropower Project, Quetta Water Supply Scheme, Greater Karachi Water Supply Scheme (Phase V, Stage II), Allai Khwar Hydropower Project and Gomal Zam Dam Project.
The decision was reached during the official visit of Sheikh Hamdan Bin Zayed Al-Nahyan, deputy prime minister and minister of state for foreign affairs of the UAE on Monday. The UAE deputy prime minister was accompanied by a high level delegation including officials from the UAE ministries of foreign affairs, justice and information.
The projects would be financed through the six loan agreements worth US$256 million signed between Pakistan's finance ministry and economic affairs division and Abu Dhabi Fund for Development in 2001.
During the meetings it was decided to finance the projects with emphasis that the construction should commence as soon as possible, said a press release by the ministry of foreign affairs.
The two sides also signed agreements on extradition of criminals, agreement on service of taking of evidence and extra judicial documents and the recognition and enforcement of judgment in civil and commercial matters and protocol on media and cultural cooperation for the calendar years 2004-2006 in accordance with the cultural and media agreement concluded between the two countries on March 11, 1974.
Drafts of other agreements between the two countries were reviewed and examined and it was decided to take early action to conclude signing the agreement on Mutual Legal Assistance in Criminal Matters, said the press release.
ROAD PROJECTS: A senior official who was also present in these meetings said that the Abu Dhabi Fund for Development will make available $150 million for road projects in the country.
He said that the UAE deputy prime minister expressed an interest to investing in privatisation, oil and gas and real estate development. He was told that there existed good opportunities to take part in the privatisation programme and that Pakistan would encourage Islamic countries to buy state sector entities through fair competition.
Sources said that possibilities for joint ventures in oil and gas exploration was also discussed between the two sides. Shaikh Hamdan was informed that a number of US and European companies were seeking new licenses for oil and gas exploration and that there existed a big scope for it. A follow up visit, sources said, would now be arranged to firm up various details about the new investment for the road projects.
