AIIB to scale up uplift projects' finances: Hammad

Federal Minister of Economic Affairs Division (EAD) Hammad Azhar on Tuesday emphasized that Asian Infrastructure Investment Bank (AIIB) further scale up its financing for development projects in Pakistan. The minister for Economic Affairs acknowledged AIIB's support for Pakistan in different infrastructural project, said a statement issued by Economic Affairs Division (EAD) here.

A delegation of the AIIB led by the President Jin Liqun met with the Federal Minister of Economic Affairs Division (EAD) Hammad Azhar to support projects in power generation and transmission, transport, water supply sectors, information technology and other matter of mutual interest.

The minister said that the commitments reflect the confidence that multilaterals hold in the government's reform agenda and the progress achieved towards economic stabilization, adding that AIIB is a valuable contributor in Pakistan's development path.

The minister reiterated that the government is fully committed to improve governance, bring economic reforms and achieve sustainable development. The government aims to put Pakistan's economy on the path of sustainable and balanced growth and increase per capita income. "Previous governments were more about building infrastructure." He said that instant results from constructing any infrastructure give you instant votes.

However, this government is more focused on social sector development. The minister said that Human Development Index was already slipping away from our hands. Any investment in social sector development yields results after ages, "We are hopeful to see positive results in future", says Azhar.

President AIIB while appreciating the reforms initiatives of the current government, committed to extend support to Pakistan.

Jin Liqun, President AIIB stated that AIIB is one of the leading development partners of Pakistan. AIIB fully supports the government's development vision and policies. He expressed that AIIB is providing its support for policy reforms and project financing in the key priority areas such as energy, road, social sector, water and irrigation and urban services.

He also reiterated AIIB's strong commitment to further strengthening and expanding its partnership with Pakistan.

The Federal Minister for Economic Affairs, Muhammad Hammad Azhar, thanked AIIB for extending its continuous support to the Government of Pakistan in its efforts to achieve sustainable economic development in the country.