Pakistan approves projects worth billions of dollars to Gulf countries for investment purpose

In a major development, Pakistan has in principle approved 28 projects worth billions of dollars that would be offered to Gulf countries for investment with the long-term objective to reduce reliance on loans and imports.

In a major development, Pakistan has in principle approved 28 projects worth billions of dollars that would be offered to Gulf countries for investment with the long-term objective to reduce reliance on loans and imports.

The newly established Special Investment Facilitation Council (SIFC) — a hybrid civil-military forum — is leading the drive to fast-track economic development to address the financial woes of the country.

The list of the approved projects suggests that if all the schemes are picked up by countries, including Qatar, Saudi Arabia, the UAE and Bahrain, the quantum of investment under the SIFC banner can be greater than the $28 billion under the China-Pakistan Economic Corridor (CPEC), The Express Tribune reported.

The approved schemes are in the food, agriculture, information technology, mines and minerals, petroleum and power sectors. They include cattle farms; the $10 billion Saudi Aramco refinery; explorations of copper and gold in Chagai; and the Thar Coal Rail connectivity scheme.

The initial project also includes the Diamer-Bhasha dam which has also been offered to China for investment under CPEC.

The CPEC is a collection of infrastructure and other projects under construction throughout Pakistan since 2013.