WASHINGTON: Pakistan’s Finance Minister Muhammad Aurangzeb has invited the Asian Infrastructure Investment Bank (AIIB) to provide a loan to Pakistan to deal with the impacts of climate change and disaster preparedness.
He made the remarks while talking to the President of the Bank Jin Liqun in Washington. The Minister also invited the Bank to invest in the Pakistan N-5 (GT Road) reconstruction project.
He acknowledged the Bank’s support to Pakistan, especially in dealing with the aftermath of the devastating floods of 2022.
The minister recalled his visit to China where he met with the management of the Peoples Bank of China.
He said Pakistan wants to diversify its financing base and explore the possibility of issuing a panda bond with a partial credit guarantee of AIIB.
Muhammad Aurangzeb said enlisting AIIB as an anchor to support the process would send out a strong signal to the international market.
He expressed his satisfaction with the progress of AIIB projects in Pakistan and stressed further efforts to improve the disbursement of ongoing projects. He also extended an invitation to the President to visit Pakistan which he accepted.