US to provide funds for LNG projects

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Zahid Chaudhary

Islamabad—US Exim Bank has expressed interest to provide finances for the three 3,600 megawatts of LNG based power plants in Pakistan.
Vice President of the Bank Annetta Maresh conveyed willingness in this regard in a letter addressed Finance Minister Ishaq Dar.
It may be recalled that Finance Minister had started engagement with US Exim Bank during his visit to the US in September 2015. He met senior officials of the Bank and gave a detailed account of the business and investment opportunities in Pakistan.
He urged the Bank to explore financing development projects in Pakistan. He also invited the Chairman of the Bank to visit Pakistan for the purpose.
According to the spokesperson of Finance Ministry Chairman and President of Exim Bank Fred Hochberg accepted the invitation and visited Pakistan in April 2016 along with other senior officials. The Chairman had a detailed meeting with the Finance Minister and was given detailed briefing on various upcoming projects, especially energy projects where Exim Bank could participate.
In consequence of the above efforts, the Bank has now expressed strong interest in providing financing for the three LNG based power projects at Baloki, Bhikki and Haveli Bahadar Shah. The Bank has also offered multiple financing options for the consideration of the government of Pakistan.
Finance Minister Ishaq Dar, welcoming the decision of US Exim Bank to finance LNG based power projects, has directed the relevant government departments to work out the details of the financing at the earliest.
The spokesperson of the ministry said the decision by the Exim Bank to finance the energy projects also indicates the confidence of international institutions in economic stability and improved investment climate in the country.

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