US committed to upgrade Pakistan’s energy infrastructure

Islamabad  (Staff Reporter): Twenty Pakistani engineers from power generation companies across the country were presented with certificates of completion of course after participating in a thermal programme funded by the US. According to press release from US embassy, the course was designed to help engineers further develop their technical skills and provide them with industry best practices in order to improve the operation, maintenance, and management of power plants. Acting Director of USAID’s Office of Energy Tim Moore who presided over the certificate ceremony, stated “the US government is committed to working with the Pakistani government to develop and upgrade Pakistan’s energy infrastructure.”

PBIT hosts inaugural reception for OIC conference participants

LAHORE  (Staff Reporter):  Punjab Board of Investment & Trade (PBIT) hosted an inaugural reception in honour of participants of 2nd LCCI-OIC Ambassador and Trade Conference 2014. Ambassadors of the OIC countries, local and international businessmen and senor government officers attended the reception. Director General Projects PBIT, Dr Ali Naveed Pirzada gave a detailed presentation to the participants of 2nd LCCI-OIC Ambassador and Trade Conference 2014, on the role of PBIT in investment promotion in Punjab and on the impact this conference will have on future trade with OIC countries.

He said that there is huge potential for increasing the share of the intra-OIC trade to address the issues of poverty, low economic growth and investment in the member states provided the problems and bottlenecks restricting interaction and cooperation between private sectors of the member states are removed. Dr Ali Naveed Pirzada also appreciated the role of Lahore Chambers of Commerce & Industry (LCCI) for taking the initiative of holding the conference.

PMEX fully supports SBP Warehouse Receipt Financing

Karachi  (Staff Reporter): In light of recent developments by State Bank of Pakistan (SBP), Pakistan Mercantile Exchange (PMEX) met up with ACE Control & Expertise Global (Pvt.) Limited to discuss future plans on the much needed initiative of Warehouse Receipt Financing. Over the years PMEX has been interacting with producers and traders of agri produce and the regulators to develop the futures market of various commodities i.e. wheat, rice, sugar. This initiative will enable the Exchange to play its due role in creating secondary market of these commodities thereby supporting the broader objective of improving the returns to farmers.

Appreciating the confidence reposed by the Central Bank in PMEX, Ejaz Ali Shah, Managing Director PMEX said: “The Exchange fully endorses the initiative by the State Bank of Pakistan (SBP) and looks forward to working with SBP, International Finance Corporation (IFC), ACE Global, financial institutions and other stakeholders in rolling out the much needed warehousing and collateral management solution. I feel that this is a landmark and visionary step taken by SBP that will have a positive impact on Pakistan which is predominately an agri-based economy. In turn, this will have a trickle-down effect on all stakeholders specially the farmers.”

Fahad Ullah Khan, CEO of ACE Control & Expertise Global while meeting with PMEX on the matter said: “This initiative will not only help in promoting financial inclusion plan of the Central Bank but also in enhancing liquidity of the agriculture sector.”

Lately, State Bank of Pakistan has formed a working group for the Development of Warehouse Receipt Financing mechanism. The Group, which will work closely with PMEX, will have representatives from leading financial institutions, International Finance Corporation (IFC) and ACE Control & Expertise Global (Pvt.) Limited.

The Group will provide a platform to all the stakeholders for identifying bottlenecks and devise strategies on establishing a mechanism for Warehouse Receipt Financing in the country by enabling farmers, traders, processors and exporters in getting access to formal financing.

About Pakistan Mercantile Exchange is Pakistan’s first demutualised and the only multi-commodity futures exchange, which is licenced and regulated by the Securities and Exchange Commission of Pakistan (SECP). PMEX stakeholders include leading financial institutions and stock exchanges of Pakistan. The Exchange offers a diverse range of domestic & international commodities and financial futures. Its infrastructure is based on sophisticated and state-of-the-art technology comparable to similar exchanges around the world that offer a complete range of services, i.e. trading, clearing & settlement, custodial and back office.

IDB to invest for procurement of locomotives

ISLAMABAD (NNI): Islamic Development Bank (IDB) is likely to invest $264m for procurement of locomotives and doubling of track. Government of Japan through JICA has also shown interest to revitalisation of Karachi Circular Railway (KCR) at an estimated cost of $2.6 billion. Pakistan and China had also signed an MoU for construction of China Pakistan Economic Corridor (CPEC), said an official of PR while talking to state-run media. Up-gradation of existing railway track from Karachi to Peshawar via Rohri, Multan, Sahiwal, Lahore, Rawalpindi would be part of MoU. Under the agreement, development of Dry Port and cargo handling facilities at Havelian would be made operational.

The whole investment will be dealt as a soft loan on mutually agreed terms and conditions and contracts will be awarded through open bidding in accordance with Public Procurement Rules.

‘UAE Accountants’, ACCA

 join hands

LAHORE  (Staff Reporter): At an event patronised by Eng Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, the UAE Accountants and Auditors Association (AAA) and ACCA, the global body for professional accountants, signed a strategic partnership to develop the UAE chartered accountant certificate that supports the government’s drive to promote the qualification of UAE nationals. The strategic partnership was signed by Saif bin Abed Al Muhairi, Chairman of AAA and by ACCA President Martin Turner and witnessed by MohammedAhmed bin Abdul Aziz Al Shehhi, Undersecretary, UAE Ministry of Economy.