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Bank Alfalah in good health Abu Dhabi Group to invest up to $5 bn in Pakistan PDF Print E-mail
Written by Harris Badar   
Sunday, 12 October 2008

ISLAMABAD: Chief Executive Officer of Abu Dhabi Group Bashir A Tahir said on Friday that Bank Alfalah enjoyed good financial health and the group would increase its investment in Pakistan by $3-5 billion which would go to the construction of a huge complex in Lahore and to the power sector. ISLAMABAD: Chief Executive Officer of Abu Dhabi Group Bashir A Tahir said on Friday that Bank Alfalah enjoyed good financial health and the group would increase its investment in Pakistan by $3-5 billion which would go to the construction of a huge complex in Lahore and to the power sector.

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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Pak-Afghan Joint Economic Commission concludes

KABUL (Afghanistan): The 7th meeting of Pakistan-Afghanistan Joint Economic Commission concluded in Kabul on Wednesday with a pledge to bolster and explore avenues in trade and economic cooperation for the benefit of the people of the two countries.

The meeting was followed by the joint press conference addressed by Shaukat Tarin, Adviser on Finance, Government of the Islamic Republic of Pakistan, and Anwarul Haq Ahadi, Finance Minister of the Islamic Republic of Afghanistan.

The delegations of the two countries discussed in detail trade, economic coordination, Pakistan’s assistance for reconstruction in Afghanistan, and cooperation between the businessmen of the two countries, says a message received here from Kabul.

Both sides expressed satisfaction over the level of bilateral trade between the two countries and emphasized to explore further areas of cooperation in trade and economic sectors.

They also discussed the future avenues available to the two countries to act as a bridge between Central and South Asia.

The meeting discussed various aspects of Afghan Transit Trade Agreement, including mutual transit facilities to both the countries and making arrangements for expediting the carriage of goods in shortest possible time and removing hurdles in the smooth flow of trade and services.

On conclusion of the negotiations, Shaukat Tarin, Adviser on Finance and Anwarul Haq Ahadi, Finance Minister signed the agreed minutes of the Joint Economic Commission meeting.

Earlier, Adviser on Finance Shaukat Tarin paid a courtesy call on the President of the Islamic Republic of Afghanistan, Hamid Karzai at the Presidential Palace.

He conveyed to the President the messages of goodwill, and friendship from the president and the Prime Minister of Pakistan, President; Karzai noted with satisfaction the friendly relations with Pakistan and reiterated that he had full confidence in the leadership of President Asif Ali Zardari and the democratically elected government of Pakistan.

President Karzai also urged the economic teams of both the countries to work for enhancing the bilateral trade by making use of the geography of Pakistan and Afghanistan which could serve as a bridge between Central Asia and South Asia.

Shaukat Tarin also held separate meetings with Afghan Foreign Minister, Dr. Rangin Dadfar Spanta and Finance Minister Dr. Anwarul Haq Ahadi.

The Afghan Chambers of Commerce and Industry (ACCI) hosted a lunch in honour of Pakistan’s Adviser on Finance and his delegation. Prominent businessmen

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