Qatar’s investment to end funding gap in Pakistan, says Finance Minister

Pakistan Finance Minister Miftah Ismail on Thursday said that Qatari investment will end the country’s financing gap, local media reported. Ismail said that Qatar had offered USD 3 billion in investments in Pakistan and this investment will end the financing gap in the country, ARY News reported.

“IMF [International Monetary Fund] has been informed about the Qatari investments,” Ismail said. “Qatar shows interest in making investments in Haveli Bahadur Shah and Balloki power plants. Qatar is also willing to make investments at airports. Qatar will make investments at Karachi and Islamabad airports, and solar power projects,” the finance minister said.

He also said that Qatar would make investments in the freight cargo terminal of Port Qasim. Doha is also willing to make investments in shares of the stock market. Moreover, Qatar is mulling over giving employment to 200,000 Pakistanis. Meanwhile, Pakistan is expected to sell shares of the Roosevelt Hotel in New York’s Manhattan to Qatar in return for the Doha investment in the aviation sector, ARY News reported citing sources.

The Roosevelt Hotel, established in 1924, is among the historic hotels in the United States and is situated in the luxurious downtown area of Manhattan. During Pakistan Prime Minister Shehbaz Sharif’s visit to Qatar, a massive investment is expected to be made in Pakistan’s aviation sector by Doha.

Sources said that Qatar expressed interest in making investments in the airport and hotel sectors. The federal government will hand over administrative affairs of Islamabad International Airport to Qatar, whereas, a Qatari company will provide the relevant services of the airport’s terminal and cargo.

Meanwhile, Saudi Arabia on Thursday announced the investment of USD 1 billion in Pakistan to support the country’s economy, ARY reported citing Saudi Press Agency (SPA). The development comes during a telephonic phone call between Saudi FM Prince Faisal bin Farhan bin Abdullah and Foreign Minister Bilawal Bhutto Zardari, where he informed the latter of the King’s directive.

Taking to Twitter, Bilawal said, “Pleased to have conversation with HH FM @FaisalbinFarhan. Recalling fraternal bilat. ties, welcomed KSA commitment of USD 1 billion invest. in Pakistan. Briefed my counterpart on damages caused by unprecedented floods, highly value solidarity expressed & KSAs all possible assistance” Bilawal Bhutto also briefed his counterpart on damages caused by unprecedented floods in parts of Pakistan. The foreign minister thanked his Saudi counterpart for the solidarity and all possible assistance provided by Saudi Arabia to Pakistan flood affectees in these difficult times. (ANI)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)