ISLAMABAD - US Exim Bank has expressed strong interest in financing three LNG based power plants of Pakistan, having a combined capacity of 3600-megawatts, located in Baloki, Bhikki and Haveli Bahadar Shah.

The interest was conveyed to Finance Minister Ishaq Dar by Vice President of the Bank Annette Maresh through a letter.

It may be recalled here that Dar had started engaging the US Exim Bank while on his visit to the US in September 2015.

He met senior officials of the bank to whom he gave a detailed briefing on business and investment opportunities in Pakistan, and urged them to finance development projects in Pakistan.

He had also invited the bank chairman to visit Pakistan for the purpose.

The spokesman for the Ministry of Finance has said that Chairman of the bank Fred Hochberg had 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, in which Exim Bank could assist,” the spokesman added.

He said that in consequence of the above mentioned efforts, the bank has now expressed strong interest in financing three LNG based power projects.

“The bank has also offered multiple financing options for the consideration of the government of Pakistan,” he added.

Finance Minister Ishaq Dar, while welcoming the bank’s decision to finance the power projects, has directed the relevant government                       departments to work out details of the financing at the earliest.

“The decision by the Exim Bank to finance energy projects also indicates the confidence of international institutions in the economic stability and improved investment climate of Pakistan,” the spokesman concluded.

ADB to finance construction

of Swat expressway

APP: The Asian Development Bank (ADB) has agreed to finance construction of Swat Expressway.

According to official sources, the 81-kilometer long expressway will connect Chakdara with Islamabad-Peshawar Motorway at Colonel Sher Khan Interchange. It will be completed at a cost of thirty eight billion rupees in two years, Radio Pakistan quoted. Construction of the expressway will boost economic activities in Malakand division and Swabi district.