SIFC to play key role in facilitating $10bn Saudi Aramco refinery project

November 16, 2023 (MLN): Under the Special Investment Facilitation Council (SIFC), a transaction pipeline has been established to accelerate investments in critical infrastructure, encompassing projects such as the $10 billion Saudi Aramco Refinery.

The caretaker finance minister, Dr Shamshad Akhtar made these remarks today at the Future Summit.

"The transaction pipeline also incorporates the leasing of 85,000 acres of agricultural corporate farms to potential foreign investors," she added.

The Financial Inclusion strategy focuses on using digital platforms and non-banking channels to bring financial services to the masses.

To tackle this challenge, the Pakistan authorities launched an ambitious National Financial Inclusion strategy in 2018. 

An elaborate digital infrastructure is also being developed and includes the launch of the RAAST payment gateway in 2021 which has enabled instant end-to-end digital payments between individuals, businesses, and government entities.

During the speech, she expressed concerns that the investment-saving gap has become more acute in the last three decades, significantly limiting the growth potential of the economy.

In Pakistan, any acceleration in economic growth invariably leads to a balance of payment difficulties, reversing the gains of higher GDP growth.

Thereby, the SIFC is facilitating G2G arrangements and has successfully executed the first transaction between Karachi Port Trust (KPT) and AD Ports, UAE for the Container terminal at Karachi.

Moreover, the council is also facilitating a potential partnership with the Saudi Wealth Fund in the $7bn Reko Diq transaction.

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