ISALAMABAD - Finance Minister Asad Umar chaired high level meeting here on Monday to discuss matters pertaining to operationalisation of Pakistan Infrastructure Bank (PIB) and Public – Private Partnership Authority (PPPA).

Both these institutions aim to play a vital role in enhancing investment to GDP ratio and spur overall economic growth.

The Pakistan Infrastructure Bank is expected to be operational sometime this year. It will provide facility for long term investment to commercially viable projects. It will also provide support to social sector projects besides helping create a long term debt market. IFC is partnering with the Government of Pakistan for establishment of the bank.

The meeting directed for early finalization of rules and procedures for functioning of PPPA. The authority has already been established.

Asia Development Bank is providing technical and professional support for operationalizing PPPA which aims to forge government- private sector cooperation for long term development projects. The meeting also gave nod of approval to initiate procedures for hiring top level officials for both the institutions.