US envoy announces availability of over $100mln for Pakistan’s private sector

ISLAMABAD: The United States government in partnership with the Abraaj Group Indus Basin Holding and JS Private Equity Management has made available over $100 million to invest in Pakistan's private sector through the Pakistan Private Investment Initiative, American Ambassador David Hale said on Thursday.

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 (USAID) has provided $24 million for each fund and the Abraaj Group Indus Basin Holding and JS Private Equity Management will each match or exceed the USAID's contribution, he said.

"We hope that by improving access to credit for the first-time borrowers, we will break down [the] barriers for creators and the innovators who will find solutions to the development challenges being faced by Pakistan and the world.

Hale said, "I have no doubt that investing in Pakistan's entrepreneurs will pay dividends for decades to come."

The Pakistan Private Investment Initiative is an innovative approach to identify and invest in promising businesses; thereby, helping them expand their market share, introduce new products and services 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 capitalising on these companies expertise to make smart investment decisions that will create jobs, spur economic growth and generate profits for investors.