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China Investment Corporation asked to create Energy Investment Fund

Karachi, December 02, 2012 (PPI-OT): It has been suggested to the China Investment Corporation (CIC) International to create energy investment found.

The idea was mooted by the Secretary the Coal and Energy Development Department. Ajaz Ali Khan, while briefing a high powered delegation of the CIC at the Chief Minister House here on Sunday.

Chief Minister Sindh, Syed Qaim Ali Shah, and other officials were also present on the occasion.

The seven-member CIC delegation led by its President, Gao Xiqing, had arrived here earlier in the day from Islamabad on two-day visit to the metropolis.

Ajaz Ali Khan, who is also the Managing director of the Thar Coal and Energy Board, opined that the CIC may create an energy investment fund for financing the energy projects.

Besides equity, the CIC can also finance in bonds, he said adding that we have sovereign guarantee for some projects.

Aijaz said that the energy fund can be created in collaboration with the government of Pakistan, Government of Sindh and the project developers and acquiring new blocks in Thar Coalfield.

He was of the view that the CIC may also invest in the shovel ready projects through equity partnership and project financing.

Aijaz also spoke of the Thar Block II Coal Mining and power project of Sindh Engro Coal Mining Company – a joint venture between the Government of Sindh and Engro Group Pakistan and the Thar Block I Coal Mining and Power Project of Global Mining Company of China.

Aijaz informed on the occasion that out of 12 blocks of Thar Coal, four have been allocated while eight are available.

For more information, contact:
Information and Archives Department
Directorate of Press Information
Government of Sindh
95-Sindh Secretariat 4-B, Karachi
Tel: +9221 9920 4423

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