The Global Investment Consortium (GIC) is mulling to invest billions of dollars in Pakistan which could be bigger than the CPEC, reported a local media house.
At a time when economies around the world are struggling to combat the fallout from COVID-19, GIC is planning to invest up to €50 billion in Pakistan on a public-private partnership basis in different mega projects like the Naya Pakistan Housing Scheme, Reko Diq copper and gold project and Diamer-Bhasha dam and power project, stated the report.
GIC is a 200+ member consortium comprising hedge funds and investors pouring capital on the basis of engineering, procurement and construction (EPC) and public-private partnership models in emerging markets for infrastructure development.
In these testing times, when most of the world is locked down due to the COVID-19 pandemic, Pakistan is no exception, as the consortium is looking to finance not only major infrastructure projects but also social-sector schemes that are needed.
GIC Regional Associate Muhammad Irfan Ali told the media that they have been pretty successful in convincing hedge funds to consider, in principle, raising enormous funds to channel into government projects in Pakistan.
He said the hedge funds they worked with are duly regulated and are not like the other typical ones. He further said that although a proposal has not yet been discussed with the Pakistan government, GIC “has now provided the green light, in principle, to do so”.
The funds can be structured in a customized model comprising public-private partnership projects for developing government infrastructure at a pace that was never seen before in Pakistan.
This could be larger than the CPEC, if done properly, noted GIC Regional Associate.
The report added that the funding, subject to analysis, can be for 25 years at an interest rate of 1.5% per annum or so, with options, as well as concessions, to convert debt into equity in order to mitigate the debt burden of the country, noted the report.
“Whatever will be proposed to the government needs to be done with appropriate confidentiality as the regional and global requirement of large funds is very competitive and challenging, especially now with governments around the world trying to cope with the COVID-19 fallout,” he said.
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why people always show dreams to Pakistanis? this is kinda hot money which will create a huge economic hole in the country when they pull out investments
A total fraud news item picked up by Express Tribune etc. The consortium https://www.globalinvestconsortium.com is an imaginary company which has some short run objective to deceive people by tall claims which are fake
Stop fooling your countrymen. Let the world recover first from the pandemic that china has exported and let those country to stand on their feet then only u can dream of investments in pakistan other than the chinese!
Desperate Indian spotted.
Aamir, please ensure Indian IPs are banned on Pro Pakistani, they come only for such comments. Modi fans have social media to b-a-r-k.
Amir bhai please ban indian IPs on this website, i hope you are not traitors to country like Dawn news. These Indians only come on this website to rile up pakistanis and spread propaganda.
India would do anything to stop this!!!