ISLAMABAD, Nov 5: A group of Dubai-based investors has decided to create a $500 million ‘Pakistan Infrastructure Fund’, especially to help improve energy, transport, power, health and sanitation sectors.

“This fund will be officially launched at the end of the three-day World Islamic Economic Forum,” said Dr Marcus Fedder, the fund’s chairman.

He told this correspondent that its basic objective would be to promote public-private partnership for offering funding to Pakistani private sector through multilateral agencies.

He said that it had been decided to increase the level of funding from $500 million to $5 billion over the next decade.

Dr Feeder said that the government had agreed to facilitate the new fund, adding that the government would not be required to pool its financial resources for the fund.

He said that a number of international investors were taking part in the World Islamic Economic Forum to assess the potential of cooperation with Pakistan’s private sector.

He said that Pakistan was one of the most important regional destinations for foreign investment because it offered a competitive investment policy.

He hoped that the government would reduce the cost of doing business in Pakistan by offering inexpensive facilities like power and gas to investors.

He regretted that vested interests in the West were painting a poor picture of Pakistan to discourage foreigners from investing here. “This is not fair,” he said.

He urged the United States and Britain to stop issuing negative ‘travel advisories’ about Pakistan.