Qatar to invest $3bn in Pakistan's airports, fuel terminals, LNG plants, solar parks: Miftah Ismail

Finance Minister Miftah Ismail stated on Friday that through its $3-billion investment, Qatar was interested in leasing Pakistan’s airports, setting up fuel terminals at seaports, acquiring LNG plants, and investing in solar parks.

Addressing a press conference, he said Pakistan did not discuss sale of Pakistan International Airlines (PIA) and Roosevelt Hotel to Qatar.

“The hotel and the airlines did not come under discussion at all during the entire Qatar trip,” he said. “Moreover, the Middle-Eastern country is primarily interested in long-term lease of our airports and their management, investment on seaports and fuel terminals, LNG plants and solar farms to be established by the government.”

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As an additional option, Qatar could invest in the Pakistan Stock Exchange, he said.

"Qatar will also invest in solar plants having a capacity of 8,000 MW to reduce the electricity price in Pakistan."

Along with the $3-billion investment announced by Qatar Investment Authority (QIA), the International Monetary Fund (IMF) is expected to approve $1.2 billion tranche for Pakistan on Monday, the minister said, adding that the $4-billion gap, pointed out by the global lender, was filled. He noted that UAE and Saudi Arabia also came to Pakistan’s aid.

“We expect good news on Monday,” he said.

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“The QIA announced its aspiration to invest $3 billion in various commercial and investment sectors in the Islamic Republic of Pakistan,” Qatar’s Emiri Diwan had said earlier.

On Thursday, Saudi Arabia also announced it will invest $1 billion in Pakistan to support the country’s economy.

"The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God protect him - has directed to invest an amount of one billion dollars in the sisterly Republic of Pakistan, in confirmation of the Kingdom's position in support of the economy of the Republic of Pakistan and its brotherly people," the report said.

On August 6, the United Arab Emirates shared its intention to invest $1 billion in Pakistani firms across various sectors.

Further relief in FCA expected

Talking about the recent waiver of fuel charges adjustment in electricity bills of consumers using up to 200 units per month, Miftah added that Prime Minister Shehbaz Sharif constituted a committee to devise a mechanism to provide relief to people using 200-300 units per month.