Russia to invest billions of dollars in Pakistan’s economy
A 64-member Russian high-level delegation present in the country is eager to invest up to $10 billion in Pakistan.
According to local media reports, Russian companies are looking to invest in Pakistan’s energy sector. The companies are on the lookout for a $2.5 billion gas pipeline project from Karachi to Lahore. The meeting will discuss the construction of a railway that will run from Quetta to Tifatan.
The 64-member high-level delegation from Russia will also reportedly attend the sixth meeting of the Pak-Russia Inter-Governmental Commission (IGC), sources say. The Russian companies are willing to invest up to $1 billion in steel mills.
Russia is also eager to invest in the aviation sector and could reportedly offer Pakistan their most advanced aircraft.
Recently, Russia and Pakistan signed an agreement to settle mutual financial claims and obligations on operations of the former Soviet Union, according to which Pakistan will repay $93.5 million in debt to Russia.
The agreement was signed between Deputy Finance Minister Sergey Storchak and Pakistan envoy to Russia, Ambassador Qazi Khalilullah.
The debt repayment will reportedly give Russia the green signal to invest billions of dollars in different sectors in Pakistan, including energy and steel.
In November, Pakistan authorized its ambassador in Russia to sign a deal with the country.