Asad: Govt keen to devise innovative financing model, mobilize private sector

F.P. Report

ISLAMABAD: Minister for Finance Asad Umar Friday said the government was keen to devise innovative financing model, develop capital markets and mobilize private sector investment in infrastructure and social sectors.

Talking to a delegation of the Asian Development Bank, he said these initiatives will not only provide fiscal space to the government but will also be helpful to boost economic activities in the country, a press release said.

The delegation was comprising of Shahid Mahmood, Executive Director, Werner E Liepach, Director General (CWRD), Michael Barrow Director General (Private Sector Operations) and Xiaohong Yang, Country Director.

The minister also appreciated the proactive approach of Pakistan Resident Mission and suggested to further enhance its role and capacity.

He acknowledged the ADB’s support for development of Pakistan and discussed the priorities areas and new avenues for future interventions.

ADB Executive Director Shahid Mahmood thanked the finance minister and reiterated ADB’s commitment to further strengthen and expand its partnership with Pakistan.

Director General (CWRD) Werner E Liepach, affirmed ADB’s readiness to scale up its lending to Pakistan including development policy credit and project financing.

He said ADB supports Public Private Partnerships (PPP) initiatives in Pakistan which play an important role in bridging the huge infrastructure investment.

In this regard, ADB may provide transaction advisory services associated with the development and implementation of PPP projects, he added.

Michael Barrow, Director General (Private Sector Operations) highlighted that Pakistan has a lot of potential for private investment.

The ADB is further committed to enhance its private sector operations in Pakistan through development of capital market and local currency financing, he added.