IFC targets providing up to $400m to Pakistan

DUBAI (APP) - The International Finance Corporation (IFC) has a target of providing a financing facility upto $ 400 million to Pakistan during the current year to fund energy and infrastructure projects.
This was stated by the manager Infrastructure Advisory Services IFC, Moazzam Mekan while talking to media after delivering a presentation on IFCs working at the special session on Pakistan on the second day of board of directors meeting of World Federation of Consuls (FICAC) here Friday. Pakistan is the host of this meeting.
He said that IFC has provided a financing of $ 300 million to Pakistan during 2008-09 which also included $ 250 million under trade finance. We have provided a protection to Pakistani exporters against Letters of Credit (L/Cs) by underwriting banks. This is a protection against a risk of default on L/Cs by the foreign buyers, he added.
He pointed out that IFC is actively engaged in so many projects in Pakistan particularly in power sector, infrastructure, trade financing, alternate energy and other areas. We have financed energy projects such as Laraib Energy, Ucch Power, AES Lalpir, etc.
Mekan said that IFC is presently involved in 3 to 4 hydel projects, two wind energy plants and a containers terminal at Port Qasim.
He said IFC is also working on liquefied natural gas (LNG) Mashal project for Sui Southern Gas Company which will increase gas supply by 550 mmcf per day in its network. This project was almost installed. It is now progressing fast and we will be able to commissioned by the end of 2011, he noted.
We are now focusing on agriculture sector and privatization which is presently in a slow pace, he observed.
President FICAC Arnold Foote in his opening speech appreciated the holding of this meeting by Consular Corps of Sindh Karachi and Punjab Lahore and said it will further enhance the cooperation between FICAC and Pakistan.
He said that FICACs trade promotion activities will bring in good results.
In his welcome address, director FICAC and Dean Consular Corps Sindh Karachi Dr Mirza Ikhtiar Baig said the idea to hold international trade expo under the auspicious of FICAC will greatly help in promoting trade among the member countries.
Similarly, the newly proposed idea of President Foote for introducing consular trade directory will also boost trade and investment among member countries.