Kuwait-backed units are planning several projects in Pakistan valued at $750 million, marking one of the largest investments in the South Asian country in recent years.
Event Location
Kuwait, Kuwait
Start Time
07 May 2022, 12:00 AM
End Time
31 May 2022, 12:00 AM
Kuwait is planning several projects in Pakistan valued at $750 million.Mohammad al-Fares, chairman at Pakistan Kuwait Investment Co said Kuwait Investment Authority’s Enertech Holding Co. and Pakistan Kuwait Investment Company have applied for a digital bank license and proposed a hydrogen plant and two smart cities. The two are already working on a $200 million water pipeline.
The proposed investments are a boon for Pakistan, which has seen muted foreign investment for more than a decade because of energy outages, terrorism and political instability.
Recent turmoil has led to a regime change while the nation’s foreign exchange reserves have dropped to less than two months of imports.
Although loans have been the main stop-gap for financial support, the nation has long sought to increase foreign investment to reduce its reliance on borrowing.
Enertech and Pakistan Kuwait Investment Company have formed an alliance to explore opportunities in Pakistan, said al-Fares.
Newly elected Prime Minister Shehbaz Sharif is currently visiting Saudi Arabia, which has provided loan support in the past. Pakistan is also negotiating with the International Monetary Fund to release $3 billion this year.
Kuwait investment Pakistan projects
