Pakistan needs $3 billion every year for development of infrastructure which provides the base for economic improvement, said Dr Ishrat Husain, Governor, State Bank of Pakistan, on Saturday.
He was addressing the formal opening ceremony of International Finance Corporation (IFC) 'Satellite Office' in Karachi.
He said that power, gas, electricity, ports, airports and many other areas require development of infrastructure.
The annual need for the development of infrastructure is $ 3 billion, and half of the amount was met by the government while $ 0.5 billion was met by the private sector.
The gap of one billion dollars is enough to show the poor quality of infrastructure facilities in the country, he said.
The Governor appreciated the role of IFC and said that it had been helpful in development of economy. He said IFC requires participating in the housing and construction where a number of industries are involved for their economic activities.
He said that banks have ample liquidity and are quite capable of financing the housing and construction sector. He said the mortgage financing was attractive in the country and has great potential. IFC can play a role in the development of the sector.
He said that SME sector was another area where the government was making efforts to boost it.
He said IFC held training for bankers, which would help for financing of SMEs in the country. He said IFC has great experience in SME financing.
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