WASHINGTON, Nov 14: A US government agency which encourages private investments in foreign markets reviewed its programme portfolio for Pakistan with a high-powered delegation from Islamabad, officials said on Thursday.
Last month, the US Overseas Private Investment Corporation agreed to more than double its programme in Pakistan, from $400million to $900m.
OPIC plays a key role in encouraging private investment in a conflict zone by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
Minister for Water and Power Khawaja Muhammad Asif met OPIC President Elizabeth Littlefield and her team here on Wednesday “and the two sides reviewed the corporation’s programme portfolio for Pakistan,” said a statement issued by the Pakistan Embassy.
The minister has come to Washington with a delegation of senior officials and experts to attend a meeting of the US-Pakistan Energy Working Group, aimed at encouraging private US investments in the energy sector.
The president of OPIC, who had visited Pakistan earlier this year, noted that recent reforms in the energy sector had sent positive signal to the US business community and “would lead to enhanced flow of foreign direct investment in the coming months”, the statement said.
After a meeting with Finance Minister Ishaq Dar in Washington last month, Ms Littlefield said that Pakistan’s investor friendly policies had encouraged her organisation to “substantially increase its programme for the country in the near future.”
In her talks with the minister for water and power, the OPIC was more specific, saying that her organisation would “significantly enhance its investment in Pakistan during the next two years.” She said that OPIC was considering a range of projects in the field of wind energy, food processing and other sectors.
During a presentation on the government’s plan for overcoming the energy crisis, Secretary Water and Power Saifullah Chattha said they were determined to establish a “wind corridor to add additional electricity to the system without any delay.”
Earlier, the Pakistani delegation participated in a roundtable discussion with US investors arranged by the US Pakistan Business Council at the US Chamber of Commerce. The council invited senior executives from several US companies and associations including the American Wind Energy Association, Solar Energy Industries Association and Geothermal Energy Association for discussion with the Pakistani side.
Minister Khawaja Asif encouraged the participants to invest in the energy sector, pointing out that the country “presented a favourable environment with immense potential of growth and immediate dividends”.
He said that during a day-long session of the US-Pakistan Energy Working Group in Washington on Tuesday, the US government underlined its commitment to providing technical and financial assistance in revamping and reviving the energy sector.