Kuwait-backed companies likely to invest $750 million investment in CPEC SEZs, other areas

Islamabad: Kuwait-backed companies are considering a US $750 million investment in Pakistan, including in the China-Pakistan Economic Corridor (CPEC)’s Special Economic Zones (SEZs).

The proposed investments will be one of the country’s largest investments in recent years.

Kuwait’s Enertech Holding Co. Investment Authority and Pakistan Kuwait Investment Company have both applied for a digital bank licence, said an official announcement by the government here on Sunday afternoon.

Mohammad Al Fares, head of Pakistan Kuwait Investment Co., suggested a hydrogen plant and two smart towns. A US $ 200 million water pipeline is already in the works between the two.

The anticipated investments are welcome news for Pakistan, which has seen little foreign investment for more than a decade due to energy shortages.

According to Al Fares, Enertech and Pakistan Kuwait Investment Company have created a partnership to investigate potential in Pakistan. The latter was founded in 1979 by the governments of Pakistan and Kuwait and maintains a 30 percent share in Meezan Bank Ltd., Pakistan’s fastest growing bank by deposits.