Islamabad - Finance Minister for Senator Ishaq Dar on Wednesday said that Department for International Development (DFID) UK has launched an initiative Enterprise and Asset Growth (EAGR) for Pakistan will create job opportunities to around 400,000 people during the course of this project.
He said this while talking to Philip Barton British High Commissioner and Richard Montgomery, Country Head of Department for International Development (DFID). The DFID has committed to provide 76 million British Pound as seed money, which could increase up to 200 million British Pounds in due course. This initiative will create job opportunities to around 400,000 people during the course of this project.
The High Commissioner congratulated the Finance Minister on the impressive success of the Pakistan’s Euro Bond in the international market. He added that it reflects the confidence of the international investors that is growing each day in favour of Pakistan because of the prudent economic policies of the present government.
The Finance Minister said that the response of the international investors was overwhelming and the subscription was 14 times higher than the amount originally intended. He mentioned that with the launch of the Euro Bond Pakistan has returned to the international bond market after seven years and this will also save Rs.90 million every year, if the amount had been borrowed from the domestic capital market.
The British High Commissioner also briefed the Finance Minister on forthcoming visit of the Prime Minister Nawaz Sharif to United Kingdom and the agenda of the Investment Conference to be held in London on 30th April, 2014. The Finance Minister said that the forthcoming visit of the Prime Minister to UK will provide an opportunity to the leadership of the two countries to discuss important issues to further enhance the existing relations.
Later, Finance Minister, Senator Ishaq Dar held a meeting with the Joint Lead Managers consisting of the representatives from Citibank, Deutsche Bank, KASB Bank and Barclays at the Finance Ministry today.
The Finance Minister expressed his satisfaction at the cooperation and facilitation provided by the Lead Managers for launching of Pakistan’s Euro Bond in the international capital market. He said that with the efforts and hard work of the Lead Managers, the Bond was heavily over subscribed and core team members deserve appreciation for their efforts.
He informed that the success means a lot for the economy as we are continuing our reform efforts in order to bring the economy on path to growth. He added that the performance will enhance the confidence of the investors in economic policies of the government which will result in foreign direct investment in energy, communication and infrastructure sectors of Pakistan. The Finance Minister also expressed the hope that the government will seriously consider issuance of Islamic bond soon.
The Lead Managers said that it was a wonderful experience to work with Pakistan for the launch of Eurobond and they are looking forward to continue their cooperation in the international capital market for Pakistan’s papers.