AIIB is likely to invest $1.4 billion in Pakistan

According to the media report, A China-based Asian Infrastructure Investments Bank (AIIB) is planning to invest $1.4 billion in Pakistan’s development projects.

the Express Tribune in its report published on Friday reported that “The Beijing based AIIB is considering to invest in the Karachi Bus Rapid Transit (BRT) project, Rawalpindi’s Ring Road Project, Lahore Waste Water Management project and the Karachi Water and Sewerage Service projects which are among them.”

The investment from AIIB has come at a time when the Government of Pakistan has recently announced that “The country is facing with the financial issue and the country may soon become a defaulter.”

In a statement issued by the company’s, communication head, Laurel Ostfield said that “The work on the projects amounting to USD $4 million is in progress while projects worth of USD $1 billion is waiting for approval.

Ostfield said the “AIIB is desired to launch even more development projects in Pakistan in the Future.” “Currently, AIIB will be investing $100 million in Karachi Bus Rapid Transit project,” She added.

Presenting its report for the first on Thursday in Pakistan, Ostfield said that “Asia needs connectivity and investment from the private sector.”

She added, “AIIB is focusing on eight markets including Pakistan, which will run the projects on merit without any discrimination among the member states.”

Noting at a project related to renewable energy, Ostfield said that “Pakistan holds immense potential in power production through hydel sources.”

She added, “As no economy can develop without investing in the infrastructure, We must have our focus on environment-friendly projects.”

Adding to this, She said, “strong infrastructure and cross-border mobility were among top priorities of the Asian infrastructure bank.”