AIIB to invest in Pakistan's infrastructure development

ISLAMABAD - The visiting president-designate of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun Wednesday showed interest in financing infrastructure projects in energy, transport, sea port and urban development areas in Pakistan.

Jin, who was on his first visit to a middle-income emerging prospective founding member of the AIIB since he was named the official candidate for the bank's president in August, met with Pakistani Prime Minister Nawaz Sharif and held talks with Pakistani cabinet ministers on cooperation and the AIIB's investment in Pakistan.

Sharif told Jin that his government has invested a lot of resources in energy and infrastructure projects with the help of China.

Addressing a news conference along with Pakistani Finance Minister Ishaq Dar in Islamabad, Jin said Pakistan has a great potential in the infrastructure sector, which will pave the way for sustainable economic development.

"The bank is looking forward for closer cooperation with the country's public and private sector," he said, adding that the bank's officials will be visiting Pakistan very soon to discuss collaboration in different projects.

"We talked about cooperation between AIIB and Pakistan, particularly with regard to infrastructure projects. We believe that your country has a great potential. We believe infrastructure investment in energy sector, transport, electric power, sea ports, urban development and water supply will all pave the way for sustainable development of your country in the decades to come," said the president-designate.

He went on to say that the AIIB is looking forward to very close cooperation with its partners in Pakistan -- the government and particularly the private sector.

"We believe we have a great future as long as we work together. I'm sure we would be having a great institution which can serve the interest of all the 57 prospective founding members and more countries are waiting to join this bank," Jin said.

He said the bank will be working closely with existing multilateral development banks such as the World Bank, the Asian Development Bank and other development banks.

He also lauded Pakistani government's economic achievements " under the very very tough global economic situation" and pointed out that Pakistan has played a very crucial role in the establishment of the Asian Infrastructure Investment Bank.

Dar said that Pakistan will welcome the AIIB funding for the country's infrastructure development. He also vowed full support of the AIIB.