Reposted from Business Recorder
By Asad Naeem
ISLAMABAD: The Asian Development Bank (ADB) is all set to boost its private sector project investment in Pakistan with special focus on development of renewable energy sector, Director General Private Sector Operations Department (PSOD), Philip C. Erquiaga said Friday.
Erquiaga, who is visiting Pakistan to explore and help enhance private sector investment of the bank, briefed the media on the investment strategies of ADB.
Erquiaga was accompanied by Country Director Asian Development Bank, Country Director of the bank Werner E. Liepach and other officials of the bank.
He said the private sector contributes to economic development by generating jobs and incomes, as well as through investments, new technologies and enhanced productivity.
He said Pakistan has many advantages due to its strong banking system, being gateway to Central Asia besides offering various opportunities in short as well long term investments.
“It is our responsibility to assist a country like Pakistan”, he remarked.
He said that in addition to the power sector, the focus of the bank’s investment is infrastructure as well as financial and capital market development.
“We are actively exploring opportunities in gas and electricity production in the country”, he said adding in addition to power sector, we have been involved in transport, water sanitation, telecommunication, micro- finance, banking, leasing companies, trade in finance, SMEs sectors, oil distribution companies and other sectors.
He said the Asian Development Bank has also a plan to invest in agro- business sector in Pakistan as it has identified huge potential in this sector.
He said the ADB encourages renewable energy like hydro, solar and wind energy and it has been investing in these sectors as well.
Erquiga further said that the ADB likes the government plan to promote privatization process. He also appreciated the privatization of Pakistan Telecommunication Company (PTCL) and Karachi Electric Supply Company (KESC).
Appreciating the KESC reforms, Philip C. Erquiaga said that the company was on right direction as it has taken successful measures to reduce transmission losses.
To a question, he said that the portfolio of the bank stands at $1.1 in about 47 projects in the country.
The DG ADB said that the bank would invest about $8 trillion across Asia and the Pacific in the infrastructure development sector during next 10 years.
Copyright APP (Associated Press of Pakistan), 2012
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