Karachi, July 08, 2013 (PPI-OT): Chairman Sindh Board of Investment (SBI) Muhammad Zubair Motiwala has stated that SBI plan to organize a conference to promote foreign Investment in Sindh in coordination with TDAP. The conference will feature Oversea Private Investment Corporation (OPIC).
The OPIC will present their financial services and products for various sectors of economy including Energy, Infrastructure, Agriculture and Value Addition. This he said while holding a meeting with senior officials of US Consulate at SBI here today to discuss the arrangements of OPIC conference, which would be held on July 18, 2013 at a local hotel in Karachi.
Muhammad Zubair Motiwala informed the US officials that energy is the top most concern of Pakistan’s economy at present. He further said that the huge reserves of coal at Thar which are already recognized by the world renowned institutions, OPIC can provide the financial assistance to coal based mining and power generation to overcome the energy shortfall in the country. The Chairman SBI informed the audience regarding current development projects at Thar.
The provincial government has taken steps to provide the key infrastructure facilities at Thar Coalfields including establishment of an Airport, a lodge, a road from Karachi to Thar, improvement of Water Scheme, establishment of effluent treatment plants, upgrading of grid for evacuation of power, development of Reverse Osmosis Plants and many other development projects are also in development program.
Ms. Kara Babrawski, an Officer of US Consulate in Karachi elaborated the keys objectives of OPIC financing. She said that it provides medium- to long-term funding through direct loans and loan guaranties to eligible investment projects in developing countries and emerging markets. By complementing the private sector, OPIC can provide financing in countries where conventional financial institutions often are reluctant or unable to lend on such a basis. OPIC’s financing focuses on support to small, medium and large-scale projects ranging from US$ 250,000 to US$ 250 million of capital.
Ms. Babrawski further said that the majority of OPIC’s financing is used to cover the capital costs (such as design/engineering services, facility construction or leasehold improvements, equipment) associated with the establishment or expansion of a project in a non-financial industry or to fund the expansion of lending capacity (such as microfinance, SME lending or mortgage lending) by a financial services provider.
DG, SBI, Muhammad Riazuddin, Director TDAP, Shahida Qaiser, CEO , SEDF, Mehboob ul Haq, Director Projects SBI, Azeem Uqaili, and others were also present on the occasion.
For more information, contact:
Sindh Board of Investment
Government of Sindh
1st Floor, Tower B, Finance and Trade Centre