Pakistan Kuwait Investment Company Limited (PKIC) – Pakistan’s leading development finance institution has entered into a strategic alliance contract with Enertech Holding Company KSC (Enertech), a subsidiary of Kuwait Investment Authority, costing $ 750 million.
The objective of the agreement is to collaborate and mutually explore investment opportunities and business potential mainly in Pakistan as well as undertake infrastructure and green energy initiatives in the country.
“Embarking on this alliance, both Enertech and PKIC have paved the way for future projects to support infrastructure development and green energy initiatives in Pakistan,” the statement read.
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“Besides bringing in much-needed foreign investment, this alliance shall enable advancement in the digital and technology space in tandem with supporting financial inclusion and gender diversity,” it further added.
The contract was signed by Mohammad Al-Fares, chairman of PKIC, and Abdullah Al Mutairi, CEO of Enertech Holding Company.
In this regard, Chairman Pakistan Kuwait Investment Company stated, “PKIC has a firm desire to support all important sectors of the economy. The strategic alliance with Enertech will help identify, invest and materialize viable investment opportunities in Pakistan. Where Both PKIC and Enertech would benefit from individual capabilities and knowledge structure of each other.”
While addressing this groundbreaking initiative, Yasser Malik, CEO of Enertech Pakistan, laid emphasis that this collaboration is contributory to addressing energy security and sustainability in Pakistan.
“EnerTech and PKIC are collaborating on several projects including digital banking, green hydrogen, water security, and smart cities,” he said.
Addressing the signing ceremony, MD Pakistan Kuwait Investment Company Mr. Mubashar Maqbool expressed his elation “We have cemented this collaboration to support priority sectors of the economy including infrastructure, power, technology, housing, and tourism with an objective of social upliftment and poverty alleviation. This strategic alliance would also bring in much needed foreign investment into Pakistan”.
Besides, Khalid Faiz, Chief Financial Officer (CFO) EnerTech Pakistan said that the partnership will remain till the completion of the projects. “The strategic alliance would bring much-needed FDI inflows to Pakistan,” he added.
