ISLAMABAD - US Ambassador David Hale yesterday announced his country had made available over $100 million to invest in Pakistan’s private sector through the Pakistan Private Investment Initiative.

He said that the US govt was making this arrangement in partnership with the Abraaj Group, Indus Basin Holding and JS Private Equity Management. The Pakistan Private Investment Initiative consists of three professionally managed investment funds that provide equity capital for Pakistan’s dynamic and fast-growing small- and medium-sized businesses. The US Agency for International Development has provided $24 million for each fund and the Abraaj Group, Indus Basin Holding and JS Private Equity Management will each match or exceed USAID’s contribution. Ambassador Hale said that the USAID hoped to improve access to credit for first-time borrowers. “We will break down barriers for creators and the innovators who will find solutions to the development challenges facing Pakistan and the world,” he added.

“I have no doubt that investing in Pakistan’s entrepreneurs will pay dividends for decades to come,” the envoy said.

The Pakistan Private Investment Initiative is an innovative approach to identifying and investing in promising businesses, thereby helping them to expand their market share, introduce new product and service lines and ultimately create jobs and increase incomes.

By working with the Abraaj Group, Indus Basin Holding and JS Private Equity Management, the US government is capitalisng on these companies expertise to make smart investment decisions that will create jobs, spur economic growth and generate profits for investors, the US Embassy said.