MONDAY MAY 09: Support sought to overcome energy crisis

KUWAIT: President Asif Ali Zardari on Sunday urged the Kuwaiti financial and investment giants to help Pakistan overcome its energy shortages through financing and investments in major energy and infrastructure projects.
The president was talking to Director General of Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab Ahmad Al-Bader and Chief Executive Officer (CEO) of Kuwait Investment Authority (KIA), who separately called on him here at Bayan Palace on the second day of his two-day official visit to Kuwait.
President Zardari, who held wide ranging talks with Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah to further strengthen the bilateral ties, offered the top executives of KFAED and KIA to take advantage of the liberal investment regime and the investment-friendly environment in Pakistan.
Advisor to Prime Minister on Petroleum and Natural Resources Dr Asim Hussain, Secretary General M. Salman Faruqui, Spokesperson to the President Farhatullah Babar and Pakistan's Ambassador in Kuwait Iftekhar Aziz were also present in the meetings.
The president, referring to Thar Coal, one of the world's largest coal reserves, said that the Kuwaiti financial and investment institutions should consider financing or investing in mining of that coal and generation of electricity from it.
He said that building of Gwadar Port's facilities and its related infrastructure was another area of potential investment.
President Zardari said, " as Gawadar deep seaport is strategically located at the mouth of Arabian Gulf, Pakistan is willing to offer Kuwait land at this port for setting up a dedicated terminal there for the storage of its strategic oil reserves."
He said that Pakistan would also welcome Kuwaiti investments in other sectors such as establishment of cold chain and food grain storage facilities, setting up of agro-based industries in horticulture commodities and investment in livestock, dairy and poultry sectors in Pakistan.
The president also hailed the Fund's recent decision for funding the Neelum-Jhelum Hydro Project with $40.8 million and said that Pakistan would welcome and appreciate further funding of more hydro power projects to help it overcome current power shortages.
President Zardari sought extension in the validity period of KFAED's ongoing projects in Pakistan, keeping in view the economic difficulties faced by the country, which at times cause delay in timely completion of the Fund's financed projects.
The Kuwait Fund for Arab Economic Development, commonly known as the Kuwait Fund, is the State of Kuwait's agency for the provision and administration of financial and technical assistance to developing countries. With the recent decision to provide $ 40.8 million financing for Neelum-Jhelum Project, the Kuwait Fund has previously provided 15 soft-term loans to Pakistan amounting to about 109 million Kuwaiti Dinars equivalent to about $ 372 for financing of various projects in Pakistan.
The President appreciated the role played by Pakistan-Kuwait Investment Company (PKIC) in Pakistan, saying that the PKIC should be allowed to participate in larger number of mega development projects in the country as done by the Kuwait-China Investment Company.
President Zardari said that Sharia-compliant Islamic Banking was another sector where Pakistan can benefit from the experience of Kuwait Finance House (KFH), a subsidiary of KIA, adding, the opening of KFH branches in Pakistan would be welcomed.
The KIA is estimated to hold over $ 200 billion of assets, and is reportedly one of the largest Sovereign Wealth Funds in the world.
Former Minister of Trade and Member of Parliament Dr Yusuf Zalzala along with Dashti and Mrs Masha from Kuwait Gulf Link (KGL), called on the President and discussed the prospects of increased Pak-Kuwait trade and economic cooperation.
The KGL is the premier provider of integrated Supply Chain Management services in the Middle East, fulfilling the transportation, logistics, port management, shipping and freight forwarding needs of countless regional and international clients.