ISLAMABAD, May 29: Prime Minister Shaukat Aziz on Monday launched a $300 million buyout fund by two private equity firms and said it would facilitate up to $1 billion investment in Pakistan’s various industries in four years.

Speaking to the media persons on the occasion, the prime minister said the launching of the fund by Abraaj and BMA Capital was an historic occasion as this was the largest fund Pakistan would have through private investors.

He said these funds would be raised from investors all over the Middle East. Abraaj has its presence in the Middle East, North America and Asia while BMA-Capital is a local equity firm.

The prime minister said the per capita income in Pakistan had increased to $846 and the country’s privatisation plan was on track and the government was committed to transparency and continuity of economic policies for boosting investment.

“It is a private sector venture where the government has nothing to do except providing an enabling environment to attract investment”, the prime minister said.

He expressed satisfaction that every major name in the Middle East business circles was coming to Pakistan voluntarily and the increasing investment would further boost growth, create more jobs and contribute towards stronger and prosperous Pakistan.

The premier confirmed that the economic growth rate this year would be 6.6 per cent.