AFD praises Pakistan for stabilising economy

Islamabad

The French Development Agency (AFD), which possessed portfolio of 265 million euros as soft loan for Pakistan, has appreciated Islamabad for stabilising its economy and taking it to a higher trajectory of growth.

Senator Ishaq Dar, Minister for Finance and Economic Affairs, met Remy Rioux, Chief Executive Officer (CEO) of French Development Agency (AFD) in Paris Thursday. The CEO of AFD appreciated the progress that Pakistan has made in stabilising economy.

During the meeting, the minister said Pakistan values the financial assistance provided by AFD in important sectors including energy, water and sanitation. He added that the Pakistan government appreciates AFD’s support for initiatives for improving the transmission efficiency and water and sanitation in Pakistan.

The AFD announced that for the year 2016, it has approved a portfolio of 265 million euros as soft loans for rehabilitation of Mangla hydropower plant, augmenting NTDC transmission capacity and budget support for energy sector reforms. The AFD has joined ADB and JICA in the five-year budget support programme initiated in 2014 for improving the management of tariff opening the market and strengthening accountability and transparency in the energy sector. The AFD also evinced interest in working in the sectors of heritage and culture.

The AFD has been operating in Pakistan since 2007. It is promoting green and inclusive growth and has been focusing on renewable energy and energy efficiency projects.

Sanjay Pradhan, CEO Open Government Partnership (OGP), called on the finance minister in the embassy of Pakistan and congratulated Pakistan on joining the elite group of members of OGP. He invited Pakistan to participate in the meetings of various OGP working groups and steering committees and offered help in developing Pakistan’s National Action Plan for OGP. The minister said Pakistan’s decision to join OGP demonstrates the government’s commitment to transparent and accountable governance. He reiterated the government’s pledge to work against corruption and fiscal fraud and further high-level commitments to fully achieving and sustaining the principles of OGP.

Bernard Cambier, Head of Middle East Division of Renault, the French largest car manufacturing company, also met the finance minister. They reaffirmed Renault’s decision for setting up their car manufacturing facility in Pakistan by 2018. The minister appreciated Renault’s decision for choosing Pakistan for establishing their car facility and assured full support for Renault’s operations in Pakistan.

Dar also interacted with French and Pakistani media and briefed them on the outcome of his visit. The meetings were also attended by Tariq Bajwa, Secretary Economic Affairs Division, Ambassador of Pakistan to France Moinul Haque and the embassy team.