Islamabad: Pakistan is set to establish a Sovereign Wealth Fund aimed at bolstering the country’s financial sector through significant investment initiatives. This development was detailed in a briefing to Federal Minister Abdul Aleem Khan by former Governor of the State Bank, Dr. Raza Baqir, and representatives from Alvarez Marsal Middle East.

According to Press Information Department, Dr. Baqir presented the plan for the Sovereign Wealth Fund, which will engage substantial financial commitments from the Alvarez Marsal Middle East group. Federal Minister for Board of Investment, Privatization and Communications, Abdul Aleem Khan, highlighted the government’s full support for these investments, mentioning ongoing joint projects with countries like China, Russia, and Central Asian states. He affirmed the government’s efforts to stabilize and enhance Pakistan’s economic framework, noting a recent record achievement in the stock exchange as evidence of these improvements.

The briefing also included insights from Abdalla ElEbiary, Chief Investment Officer and Managing Director of the Sovereign Wealth Fund, and Amine Yaaqoubi, Senior Associate, who explained that the fund aims to increase private sector investments with participation from Gulf Cooperation Council (GCC) and other Gulf countries. The ministers discussed potential projects such as the Coastal Highway, Beach Resorts, and Green City in Karachi, which could be supported by the new fund.

The meeting also covered the strategic partnership terms between the Alvarez Marsal Group and the Pakistani government, discussing a proposed 75% and 25% partnership. The establishment of the Sovereign Wealth Fund represents a significant step towards enhancing financial discipline and attracting global confidence in Pakistan’s economic policies.