Islamabad: The federal government has decided to expedite work with respect to the operationalisation of Pakistan Infrastructure Bank (PIB) and Public-Private Partnership Authority (PPPA), a news source reported.
Finance Minister Asad Umar presided over a meeting to this effect on Monday in Islamabad. The officials concerned gave briefings on the two institutions.
The purpose of these two bodies is to enhance investment and increase overall economic growth. PIB, which is expected to become operational this year, will be established in collaboration with the International Finance Corporation (IFC).
It will facilitate long-term investments for commercially viable projects. Moreover, it will assist social sector projects as well as help create a long-term debt market.
In a similar measure, the meeting decided to finalise rules and procedures of the PPPA. This project aims to act as a liaison between public and private sectors for long-term development projects. The Asian Development Bank (ADB) is working with the federal government on the PPPA.
