ISLAMABAD, June 8: Following the upgradation of Pakistan's credit rating by OECD and other agencies, the Exim Bank of the United States has reduced its financing cost by 13 per cent, its first President April H. Foley stated here on Tuesday.

Addressing a press conference at the American Centre, she praised the significant "achievements" in the economic field made by Pakistan since 1999, particularly commending General Pervez Musharraf.

Flanked by Mr. Michael T. Lempres and Barbara Bradford, representatives of Overseas Private Investment Corporation (OPIC) and US Trade and Development Agency (USTDA), respectively she said their visit to Pakistan underscored the importance of Pakistan for the United States.

The delegation includes representatives of some American firms particularly those relating to agriculture and environment. Affirming the US' deep commitment to long-term ties with Pakistan, Ms Foley paid tributes to Pakistan for its support to the US government in its war on terror in the wake of 9/11 and the sacrifices made by this country.

The official export credit agency of US, Exim Bank would assist three banks of Pakistan, National Bank, Muslim Commercial Bank and the United Bank in advancing short term loans, besides project loans.

Yesterday, Ms Foley said, they had met General Musharraf, Finance Minister Shaukat Aziz, etc., and were impressed by the opportunities of investment offered by this country in numerous sectors including power, telecommunications, oil & gas and so on.

Asked about the possible impediments to investment in Pakistan, the Exim Bank chief said any country vying for investment needed to consider its suitability in terms of rule of law, respect of contracts, quick disposal of cases by the courts, respect for intellectual property rights, low level of corruption, transparency and accounting standards.

In reply to a question, she said Exim Bank had provided $300 million out of a total of $1 billion pledged to enable PIA replenish its fleet. It would also participate in the development of railways, which may include provision of locomotives, signalling system and other equipment.

Responding to another question, Ms Foley said her side would be delighted to see Pakistan involved in the reconstruction of Iraq and Afghanistan. If any Pakistani company got a contract or a sub-contract, "we can probably arrange whatever financing may be required by it."

Ms Foley was also asked about the benchmark which had been used to assess the financial cost of business in Pakistan. She, however, could not say what the financial cost was before and after 13pc reduction.

Mr Lempres said Pakistan was a priority with OPIC which had committed $260 million over the past 30 years. OPIC's mission, he said, was to facilitate the participation of US private capital and skills in economic and social development of less developed countries and areas, etc.

Since its establishment in 1971, OPIC has accomplished its development mission by supporting more than 3,100 projects and supported nearly $145 billion worth of investments. OPIC was supporting small and medium enterprises, besides supporting agricultural projects in Pakistan.

Ms. Barbara Bradford disclosed that USTDA had developed a multi-sector programme for Pakistan and provided funding in various sectors including water, environment, telecommunication, housing finance, trade and investment.

It is also funding a feasibility study to assess the viability of a private undersea fibre optic cable system to connect Pakistan with the FLAG Global Network. A Pakistani delegation, in this connection, participated in the South Asia Communications Infrastructure Conference in April 2004 in India.