The British International Investment (BII), which has invested in Pakistan for 35 years, reaffirmed its commitment to assisting the country's efforts to promote financial inclusion and renewable energy. A reception honouring 35 years of investment in Pakistan was held by the British Deputy High Commission. The event was hosted by BII Chief Executive Officer Nick O’Donohoe, and British Deputy High Commissioner to Karachi and Director of Trade Pakistan Sarah Mooney. Many prominent businesspeople from Pakistan attended the event.

Speaking on the occasion, Sarah Mooney said it was a pleasure to host BII, noting that the organisation has consistently supported Pakistan's economy over the past 35 years and is now more needed than ever. By generating economic development and job opportunities, the BII's investments in critical strategic areas have boosted UK-Pakistan economic collaboration, she continued.

She said that BII's present emphasis in the field of renewable energy and climate solutions will help Pakistan create equitable prosperity, sustainable growth, and a greener economy. Nick O'Donohoe stressed in his statement at the reception that Pakistan's renewable energy industry will continue to be a key strategic investment target for the BII.

The DFI's money backed wind, solar, and hydropower projects with a combined operating capacity of 462 megawatts, thanks to $185 million invested in Pakistan's renewable energy infrastructure. "We are delighted to mark the start of this year’s celebration, in a country where we have established strong and successful partnerships for over three decades. We have a clear ambition to invest in climate change solutions, environment-positive innovations, and renewable power projects in Pakistan," Nick O’Donohoe said.

According to him, these investments will help Pakistan increase its resilience and prepare for the effects of climate change. Additionally, he said that they will not only provide clean, dependable, and economical energy but also raise community and family standards, with the potential to change the entire country.

The BII made its initial investment in Pakistan in 1988, supporting prestigious firms including Engro Chemicals, Fauji Fertilizer, and Hub Power. Currently, more than 10 enterprises in the country are the recipients of investments and pledges totalling over $350 million from the UK's Development Finance Institution (DFI). The DFI invests in a number of high-impact industries, including infrastructure, food and agriculture, financial services, and Pakistan's expanding venture capital market.

The BII has designated Pakistan as a priority market where it sees significant potential for the large-scale deployment of its patient and flexible capital to support the private sector, which contributes to economic growth by generating jobs and enhancing access to goods and services that benefit communities.

Credit : Independent News Pakistan-WealthPk