ISLAMABAD: Finance Minister Asad Umar received a high-level delegation of the Asian Development Bank (ADB) comprising of Shahid Mahmood, Executive Director, Werner E. Liepach, Director General (CWRD), Michael Barrow Director General (Private Sector Operations) and Ms. Xiaohong Yang, Country Director for a meeting here on Friday.
During the meeting, the finance minister acknowledged the ADB’s support for development of Pakistan and discussed the priorities areas and new avenues for future interventions. Finance minister on the occasion said that the government is keen to devise innovative financing model, develop capital markets and mobilize private sector investment in infrastructure & social sector.
These initiatives will not only provide fiscal space to the government but will also be helpful to boost economic activities in the country. He also appreciated the proactive approach of Pakistan Resident Mission and suggested to further enhance the role and capacity of PRM.
Executive Director Shahid Mahmood thanked the finance minister and reiterated ADB’s commitment to further strengthen and expand its partnership with Pakistan. Director-General Werner E. Liepach, Director General (CWRD) affirmed ADB’s readiness to scale up its lending to Pakistan including development policy credit and project financing. He said that ADB supports the Public-Private Partnerships (PPPs) initiatives in Pakistan which play an important role in bridging the huge infrastructure investment gap.
In this regard, ADB may provide transaction advisory services associated with the development and implementation of PPP projects, he added. Michael Barrow, Director General (Private Sector Operations) highlighted that Pakistan has a lot of potential for private investment. ADB is further committed to enhance its private sector operations in Pakistan through development of capital market and local currency financing, he added.