9th November, 2016. Senator Mohammad Ishaq Dar, Pakistan’s Minister for Finance and Economic Affairs met with Mr. Remy Rioux, Chief Executive Officer of French Development Agency (AFD) in Paris yesterday. The CEO of AFD appreciated the progress that Pakistan has made in stabilizing economy and taking it to a higher trajectory of growth.
During the meeting, Finance Minister said that Pakistan values the financial assistance provided by AFD to Pakistan in important sectors including energy, water and sanitation. He added that Pakistan government appreciates AFD’s support for GoP initiatives for improving the transmission efficiency and water and sanitation in Pakistan.
AFD announced that for the year 2016, it has approved a portfolio of Euros 265 million as soft loans for Rehabilitation of Mangla Hydropower plant, augmenting NTDC transmission capacity and budget support for energy sector reforms. AFD has joined ADB and JICA in the 5 year budget support program initiated in 2014 for improving the management of tariff opening the market and strengthening accountability and transparency in the energy sector. AFD also evinced interest in working in the sectors of heritage and culture.
AFD has been operating in Pakistan since 2007. It is promoting green and inclusive growth and has been focusing on renewable energy and energy efficiency projects.
Mr. Sanjay Pradhan, Chief Executive Officer, Open government Partnership (OGP) called on the Finance Minister in the Embassy of Pakistan and congratulated Pakistan on joining the elite group of members of OGP. He invited Pakistan to participate in the meetings of various OGP Working Groups and Steering Committees and offered help in developing Pakistan’s National Action Plan for OGP. The Finance Minister said that Pakistan’s decision to join OGP demonstrates government’s commitment to a transparent and accountable governance. He reiterated government’s pledge to work against corruption and fiscal fraud and further high level commitments to fully achieving and sustaining the principles of OGP.
Mr. Bernard Cambier, Head of Middle East Division of Renault, the French largest car manufacturing company also met with the Finance Minister. They reaffirmed Renault’s decision for setting up their car manufacturing facility in Pakistan by 2018. Finance Minister appreciated Renault’s decision for choosing Pakistan for establishing their car facility and assured full support for Renault’s operations in Pakistan.
Finance Minister also interacted with French and Pakistani media and briefed them on the outcome of his visit.
The meetings were also attended by Mr. Tariq Bajwa, Secretary Economic Affairs Division, Pakistan, Ambassador of Pakistan to France Moin ul Haque and the Embassy team.
