Office building project: US finance body to provide $20 million loan

A US finance institution, Overseas Private Investment Corporation, announced on Monday to extend a $20 million loan towards completion of a 28-storey office building in Karachi. Finance Minister Abdul Hafeez Shaikh, who presided over the signing ceremony of the arrangement, hailed the transaction, saying that it represents the tremendous opportunities existing between the two countries for stronger economic co-operation.
"I hope this is the beginning of a long-term association," Dr Shaikh said. The presence of the modern building will help the country attract multinational investors by meeting an urgent need for top-quality office space. The property will feature several green building characteristics, including a natural gas-fired cogeneration power plant, which will increase its energy efficiency and mitigate negative environmental impacts.