Islamabad: October 8 2024, there was a major development in the investment sector according to which the Pakistan Sovereign Wealth Fund will be established through heavy investment in the financial industry. In this regard, Alvarez Marsal Middle East group will float financial investment in Pakistan and there will be a huge investment in the financial sector.
Former Governor of State Bank, Dr Raza Baqir, along with the financial team called on Federal Minister for Board of Investment, Privatization & Communications Abdul Aleem Khan and held a detailed briefing in which Dr Raza Baqir informed about the details of the establishment of Sovereign Wealth Fund.
Federal Minister Abdul Aleem Khan said that the Government is extending all possible support and facilities for investment while joint business projects are starting with China, Russia, Central Asian states and other countries. He added that the present Government taking long-lasting measures to improve the financial performance of Pakistan and stabilise the economy.
He indicated that in the stock exchange, another record has been achieved which is also proof of the improvement. Federal Minister Abdul Aleem Khan further said that the establishment of the Wealth Fund will be another milestone and we will welcome all kinds of foreign investment.
He said that good governance can be ensured only by improving financial discipline and the establishment of such funds will be an expression of global confidence in the current policies that the present Government has introduced during the last six months.
In this meeting, Ex-Governor State Bank Dr. Raza Baqir informed in detail on various aspects of the Pak Sovereign Wealth Fund which will also move towards financial stability and improve the economic conditions of Pakistan.
Briefing the high-level meeting, Chief Investment Officer and Managing Director of Sovereign Wealth Fund Abdalla EIEbiary and Senior Associate Amine Yaaqoubi said that the objective of this fund is to increase investment in the private sector while the GCC and Gulf countries are also participating in this Sovereign Fund.
Federal Minister Abdul Aleem Khan said that projects like Coastal Highway, Beach Resorts and Green City can be started in Karachi for which the Board of Investment and the Ministries of Privatization will provide full support to this institution. In the meeting, the proposal of a 75% and 25% partnership between the Alvarez Marsal Group and the Government also came under discussion. Participants threw light on the independent financial advisor and other aspects of this Pak Sovereign Wealth Fund.
