Kuwait plans to start several projects in Pakistan worth $ 750 million, which represents one of the largest investments proposed in the South Asian country in recent years.
Muhammad Al-Faris, chairman of the board of directors of Pakistan Kuwait Investment Company, said that the Enertech Holding Company of the Kuwait Investment Authority and the Pakistan Kuwait Investment Company have applied for a license for a digital bank and proposed the creation of a hydrogen plant. and two smart city, as reported by the Bloomberg agency. .
The proposed investments are an opportunity for Pakistan, which has seen weak foreign investment for more than a decade due to its energy crisis and political instability. The recent unrest has led to regime change as the country’s foreign exchange reserves have fallen to the equivalent of covering less than two months of imports.
Saudi Arabia has provided Pakistan with support in the form of a loan and Pakistan is also negotiating with the International Monetary Fund to release $ 3 billion quest’year. The country has long sought to increase foreign investment to reduce its reliance on loans.
Al-Fares said “Inertek” and Pakistan Kuwait Investment Company have formed an alliance to explore opportunities in Pakistan. The latter was founded in 1979 by the governments of Pakistan and Kuwait and owns multiple investments including 30% of the shares of Mezzan Bank, the Pakistani bank in fastest growing in terms of deposits.
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