ISLAMABAD: Foreign Minister Bilawal Bhutto-Zardari has stressed the importance of leveraging the private sector in building disaster resilience covering infrastructure development, renewable energy, livelihood and businesses for women, and rejuvenation of agriculture.
The foreign minister expressed these views in a meeting with Scott A. Nathan, chief executive officer (CEO) of the United States International Development Finance Corporation in New York.
The foreign minister observed Pakistan would require a massive investment in climate resilience. He said mobilising additional capital through institutions such as DFC through coordinated efforts with other development finance institutions, is imperative to ensure that we adequately address the challenge of climate change.
The DFC has developed a climate action plan whereby beginning 2023, it would allocate 33 percent of its investments in climate-related projects.
Zardari briefed Nathan on the devastating floods in Pakistan and the government’s efforts to manage the crisis. He expressed gratitude for the flood relief assistance provided by the US government.
The foreign minister said: “Pakistan wants to make economic and investment cooperation as one of the key pillars of Pak-US relationship. DFC has an important role to play in this regard.”
He said that attracting investments in all sectors of Pakistan’s economy was the government’s top priority. He laid special emphasis on empowering women economically.
He identified agriculture, infrastructure, energy — including renewable energy — and the tech sector including green technologies as priority areas.
Zardari expressed the hope that DFC will consider tapping the tremendous investment opportunities in these sectors.
Nathan expressed solidarity with the people and the government of Pakistan in the wake of the floods and assured Washington’s continued support in managing the crisis. He also reaffirmed DFC’s interest in collaborating with Pakistan’s private sector and assured engagement to identify projects ready for investment by US businesses.
The foreign minister also invited Nathan to visit Pakistan.
