ISLAMABAD: The PTI led government has decided to operationalise Pakistan Infrastructure Bank (PIB) sometimes during the ongoing calendar year.According to official announcement made here on Monday stating that Finance Minister Asad Umar chaired a high level meeting here on Monday to discuss matters pertaining to operationalisation of Pakistan Infrastructure Bank (PIB) and Public-Private Partnership Authority (PPPA).Both these institutions aim to play a vital role in enhancing Investment to the GDP ratio and spur overall economic growth. The Pakistan Infrastructure Bank is expected to be operational sometime this year. It will provide facility for long term investment to commercially viable projects. It will also provide support to social sector projects besides helping create a long term debt market. The IFC is partnering with the Government of Pakistan for establishment of the bank.The meeting directed for early finalisation of rules and procedures for functioning of the PPPA. The authority has already been established. The Asia Development Bank is providing technical and professional support for operationalising PPPA whichaims to forge government- private sector cooperation for long term development projects.The meeting also gave nod of approval to initiate procedures for hiring top level officials for both the institutions. Increasing investment to the GDP ratio in the country is a priority. By increasing investment to the GDP ratio we cannot only increase the GDP growth but also create vital social and much needed infrastructure in the country, said Dr Khaqan Najeeb Adviser and Spokesperson Ministry of Finance.In this regard, Pakistan Infrastructure Bank (PIB), a first of its kind, is being set up. The Bank will facilitate setting up of long term debt markets in the country and increase the investment to GDP ratio, especially, in the infrastructure area, informed Dr Khaqan.In Pakistan, investment to the GDP ratio in infrastructure is around 3.3% compared to countries like Vietnam where it is 10%. Dr Khaqan added that another organisation Public Private Partnership Authority (PPPA), will also be operationalised in the near future. The PPPA will support the private sector through public private partnerships to undertake commercially viable projects. Both these organisations shall be set up and operate as highly professional organisations. IFC-an arm of the World Bank is supporting the work of the Pakistan Infrastructure Bank whereas ADB is supporting the work of PPPA, said Dr Khaqan Najeeb, Adviser and Spokesperson Ministry of Finance.
02-26-2019, 07:12 PM
Govt decides to reactivate PIB
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