| Bank Alfalah in good health Abu Dhabi Group to invest up to $5 bn in Pakistan |
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| Written by Harris Badar | |
| Sunday, 12 October 2008 | |
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src="http://pagead2.googlesyndication.com/pagead/show_ads.js"> After rumours about the financial health of Bank Alfalah, the CEO flew from Abu Dhabi for addressing a press conference here. He said total capital of the bank stood at more than Rs8 billion against the State Bank’s requirement of Rs4 billion. He said the Abu Dhabi Group invested over $10 billion in Pakistan in telecommunications and other areas and it would bring in more investment in the range of $3-5 billion. He said the decision to freeze foreign currency accounts in 1998 was wrong and no government could do that again. He said the Abu Dhabi government planned to invest $1.5 billion in the power sector. The Abu Dhabi Group, he said, signed a memorandum of understanding with the Punjab government to construct a huge complex in May 2005 and it took almost three years to get permission from the provincial government which was achieved in March this year. The cost of the complex had increased from $900 million to $1.5 billion and it would be completed very soon, he added. Answering a query, he said he did not know how rumours about the bank spread without any solid ground. |
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