Islamabad: Pakistan and the United Arab Emirates (UAE) have finalised an investment framework agreement – a news source reported.
Under this agreement, the UAE will fund projects worth USD 20 billion during the next five years. To facilitate this end, a joint working group, along with its sub-groups, will be established.
Several UAE institutions are part of this project. These include: ADNOC, Mubadala, Investment Corporation of Dubai, Emaar, Al Dahra Agricultural Company, DP World, General Civil Association Authority, Etisalat, and the Abu Dhabi Fund for Development.
These institutions will invest in Pakistan’s energy, power, housing development, infrastructure, financial, IT, water resources, agriculture, and food sectors.
The two countries have also decided to set up a financing facility initiative at a cost of USD 15 million. The Pakistan Board of Investment and UAE’s Ministry of Foreign Affairs and International Cooperation will oversee this project.
Moreover, this 12-part agreement will be valid till 2030. A decision to expand it further will be taken by the two governments.
