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DOHA: Qatar’s Emiri Diwan Wednesday confirmed that the Qatar Investment Authority (QIA) aims to invest $3 billion in Pakistan lending support to the South Asian nation’s cash-strapped economy.
“The Qatar Investment Authority announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” Emiri Diwan said, without giving details.
The announcement was made during a visit to Doha by Prime Minister Shehbaz Sharif, who held official talks with Qatari Ameer Sheikh Tamim bin Hamad al-Thani on Wednesday after a meeting with the QIA on Tuesday.
“His Highness stressed the importance of the brotherly and strategic relations between the two countries and their aspiration to enhance economic partnership by raising trade exchange and promoting investments through the Qatar Investment Authority,” Emiri Diwan said.
Meanwhile, the Prime Minister in a tweet posted on his Social Media account said he held a very productive meeting with the Amir of Qatar.
He said that the sides decided to take their excellent bilateral relations to the next level of bilateral engagement.
The Prime Minister further said that he was grateful to the Amir for Qatar’s investment of $ 3 billion in various sectors of Pakistan’s economy.
Bloomberg reported that Qatar’s $445 billion sovereign wealth fund was currently assessing the strategic investments in the key economic sectors of the South Asian nation. It added that people familiar with the matter said that the investments might be in Pakistan’s “main airports in Islamabad and Karachi, as well as in the renewable energy, power and hospitality sectors”.
The publication, citing an official, added that the QIA investments could partly overlap with the $2 billion in bilateral support Qatar has already planned for Pakistan.
“The fund may end up investing more or less than $3 billion depending on the asset valuations and opportunities, the people said, without sharing a time frame.” Qatar’s support comes as Pakistan desperately seeks to shore up its foreign reserves and avoid default. The country’s currency is continuously losing ground against the dollar and inflation is constantly on the rise. –Agencies
