KARACHI, May 8: Islamic Development Bank (IDB) on Saturday indicated interest in resuming credit line facility for Pakistan Industrial Credit and Investment Corporation (PICIC) for onward disbursement to private sector.

This willingness was expressed by the head of visiting IDB delegation led by Mubark El-Tayeb El-Amin, chief of asset management department of the Bank at a meeting with managing director PICIC Muhammad Ali Khoja and senior executives from both sides.

El-Amin said that Islamic Development Bank wanted to maintain a good future relationship based on mutual cooperation beneficial for both sides.

He said that IDB was willing to channelize financing to private sector in Pakistan through PICIC.

IDB delegation also talked about the investment plan for Pakistan, but did not disclose the amount of funding for this purpose.

The delegation also briefed PICIC team about its financing to private and public sector in Pakistan.

Speaking on the occasion, PICIC chief said that his institution was enjoying a credit line facility from Islamic Development Bank in the past, but it was discontinued and the Islamic Bank started providing credit to Pakistani private sector directly.

Khoja said that total assets of PICIC have grown from Rs17.786 billion in March 2003 to Rs27.59 billion in March 2004, showing a rise of 55 per cent.

Similarly, investment has also shown a growth of 183 per cent to Rs14.137 billion in March 2004 over the same period in 2003.

Net profits of Pakistan Industrial Credit and Investment Corporation also surged to Rs374 million in 2004, indicating a rise of 833 per cent over last year.-APP