Pakistan would receive $3.2 billion from World Bank and Asian Development Bank during the year 2015.
The World Bank and ADB had a projected $1.5 billion and $1.68 billion assistance respectively earmarked for Pakistan for the year 2015. This was revealed in a meeting of Economic Affairs Division (EAD) chaired by Finance Minister Senator Ishaq Dar. The meeting reviewed the state of foreign assistance from WB, ADB, USAID, Govt. of Italy, JICA DIFID and other development partners for various projects in the spheres of energy, transport and rehabilitation of TDPs.
At the outset of the meeting, follow up action on decisions of the last Donors conference was discussed at length. The Minister expressed satisfaction on operationalisation measures by WB, ADB and other development partners to help out flood affectees and TDPs.
The ADB and WB would disseminate this assistance to different sectors in line with the policy of Pakistan Government, attaching due importance to energy and infrastructure rehabilitation in the areas affected by war on terror/ anti-terror operation. There would be a quarterly review of the utilisation of this assistance, the Minister was informed.
A special briefing was also arranged on the occasion about the Kurram Tangi, a high priority Power Project, also in the affected areas which is part of rehab activities for TDPs, the Minister was informed. A monthly monitoring mechanism has been agreed to keep a watch on the progress of work on this project in consultation with the donors i.e World Bank, USAID and Govt. of Italy.
Meanwhile, Japanese Ambassador Hiroshi Inomata paid a courtesy call on Federal Minister for Finance, Senator Mohammad Ishaq Dar here on Tuesday.
The Minister shared with the Japanese Envoy, outcome of his meetings with Japanese leadership, CEOs of prominent companies and other important personalities during his just concluded visit to Japan. He mentioned about Toyota Motors plans for enhanced investment and Yamaha’s future venture for launching a modern motorcycle plant in Pakistan on 27th April. Dar at the same time also appreciated Japanese government’s intent to invest $850 million in Lakhra coal power project. The Minister said, he had briefed the Japanese leaders and CEOs of various companies about the turnaround in Pakistan’s economy which had been possible through a sustained reforms agenda. He said marked recovery in its economy had enlivened the interest of Japanese companies to invest in Pakistan. He added that during meetings with their senior officials JICA and JBIC expressed renewed interest to invest in Pakistan. He thanked the Japanese Ambassador for facilitating the visit which helped in apprising Japanese leadership about the opportunities for prospective investors.
Inomata conveyed to the Minister gratitude of the Japanese leadership for undertaking this visit, which he said would serve as a new beginning in bilateral economic cooperation. He said that invitation to the Japanese Prime Minister to visit Pakistan was being accorded active consideration. He affirmed strong interest of the Japanese side to invest in the Lakhra coal project. He also informed the Minister that on Tuesday he would be signing with EAD, grant agreements on two projects i.e Energy Saving in Water Supply System in Lahore and Improvement in security systems at Port Karachi and Port Qasim. (The ceremony would be held in the Ministry of Finance in the presence of the Finance Minister Ishaq Dar). He hoped that the momentum for enhanced engagement that had been created with the Finance Minister’s visit to Japan would be maintained in future.