Qatar's sovereign wealth fund, the Qatar Investment Authority (QIA), said it looks forward to investing $3 billion in Pakistan following Prime Minister Shehbaz Sharif's visit to the gas-rich nation seeking investments and trade opportunities for his cash-strapped country.
“The QIA is considering strategic investments in Pakistan's Islamabad and Karachi airports, as well as in the renewable energy, power and hospitality sectors,” Bloomberg reported.
According to various reports, State Bank of Pakistan (SBP) Acting Governor Murtaza Syed said the country has secured $4 billion in funds from friendly countries.
QIA's commitment could overlap with the $2 billion bilateral support Qatar has already planned, Bloomberg reported.
Pakistan will get $2 billion from Qatar, $1 billion from Saudi Arabia under the umbrella of deferred oil facility and $1 billion investments from the UAE in various sectors, Murtaza Syed said in a briefing.
With Pakistani rupee at record low and foreign exchange reserves drying up, the country's economy is on the brink of a financial crisis.
It is expected to secure a $1.17 billion tranche from the IMF soon after the approval from the Executive Board that is scheduled to meet on August 29.
Shehbaz Sharif is on a two-day official visit to Qatar on August 23 and 24. He is expected to discuss cooperation in renewable energy, food security, tourism trade and investment opportunities.
(Writing by Seban Scaria email@example.com; editing by Daniel Luiz)