Pakistan has missed out on a huge $5 billion investment from the Qatari firm Nebras Power Investment after a gruesome bureaucratic approach coupled with outdated policies that ruined the dialogue between the two parties.
If the investment had come through, it could have been utilized to revamp Pakistans’s power plants, and refurbish its airports and hotels.
The investment kitty has now been directed towards Bangladesh.
Nebras Power Investment has acquired an equity stake in Bangladesh’s Unique Meghnaghat Power company, including a 24 percent equity stake in Unique Hotel and Resorts Limited (UHRL).
The Chief Executive Officers (CEOs) of the Qatar Investment Authority and Nebras Power had visited Islamabad on the invitation of the former Chairman of the Board of Investment, Haroon Sharif, and met with Prime Minister Imran Khan to discuss business.
When contacted for his comments, Sharif revealed that “up to USD 5 billion funds were earmarked for power sector (LNG plants), airports and hotels. On my special invitation, Sheikh Faisal bin Thani, head of Qatar Investment Authority, and high-level officials from Nebras visited Islamabad and agreed on priority projects for investment. Unfortunately, Pakistan could not fast track these transactions and our competitors managed to attract those funds.”