KARACHI, Feb 22: The Pak Oman Investment Company (Pak Oman) Board of Directors has approved financing of Rs750 million ($12.6 million) in various sectors of the economy.

The board meeting, was chaired by Yahya Al-Jabri, and attended by Dr Waqar Masood Khan, Nasser Al-Jashmi, Ahmed Al-Wahaibi, Humayun Murad and Zafar Iqbal, says a press release.

Pak Oman has been successful in achieving its target of developing a well diversified loan and lease portfolio comprising low risk, high quality assets. Apart from its core credit activity, the Company's focus on new areas such as quality private equity transactions was appreciated and encouraged.

The Board also approved the audited financial statements for the year ended December 31, 2004. By December 2004, the company managed to build a well diversified asset portfolio comprising loans and leases, as well as corporate and government bonds. Stringent risk evaluation criteria facilitated timely and complete receipt of all dues with recovery rate of almost 100 per cent during the year.

The Managing Director updated the Board regarding the progress on launching of Pak Oman Micro finance Bank, with countrywide presence. The Board was also updated on Pak Oman's productive role in the development of Gwadar and the Textile City project.

The Board reiterated its commitment towards playing its due role towards reduction of poverty and development of coastal belt of Balochistan and Gwadar in particular.

The process of conversion of Pak Oman into a Public Limited Company has been successfully completed and Pak Oman now has the distinct honour of being the only joint venture financial institution to have achieved this status.