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Pakistan-Kuwait Agree to $25 Million For Mohmand Dam

Pakistan-Kuwait Agree to $25 Million For Mohmand Dam

Pakistan-Kuwait Agree to $25 Million For Mohmand Dam.

Pakistan and Kuwait Strengthen Economic Ties with $25 Million Loan Agreement for Mohmand Dam

In a significant step towards enhancing bilateral relations, Pakistan and Kuwait have agreed to sign a $25 million loan agreement on June 3, 2024, to finance the Mohmand Dam.

This commitment is further bolstered by the Kuwait Fund’s assurance of support for engaging the Arab Coordination Group in financing the Diamer Bhasha Dam.

Read More: UAE Extends $2 Billion Loans to Pakistan for 1 Year

Additionally, the Kuwait Fund has expressed its willingness to consider financing the Kachhi Canal project, reflecting the depth of economic cooperation between the two nations.

Key Highlights from the 5th Session of the Pakistan-Kuwait Joint Ministerial Commission (JMC)

The 5th Session of the Pakistan-Kuwait Joint Ministerial Commission (JMC), held from May 28-30, 2024, in Kuwait, marked a pivotal moment in strengthening the ties between Pakistan and Kuwait. Chaired by Abdul Aleem Khan, Pakistan’s Minister for Privatization, and Omar Saud Al-Omar, Kuwait’s Minister for Commerce & Industry, the session underscored a shared commitment to enhancing collaboration across various sectors.

Delegation and Discussions

A high-level delegation from Pakistan, comprising representatives from key ministries such as Economic Affairs, Foreign Affairs, Commerce, Overseas Pakistanis & HRD, Interior, Board of Investment, Petroleum Division, and SIFC, engaged in comprehensive discussions aimed at fostering mutual prosperity. Ziad Abdullah Al-Najem, Under-Secretary of the Ministry of Trade & Industry, warmly welcomed the Pakistani delegation, highlighting the session’s importance in advancing bilateral relations.

Abdul Aleem Khan expressed satisfaction with the convening of the 5th Session, emphasizing the critical role of private sector engagement in strengthening economic ties. He urged Kuwait to streamline visa procedures for Pakistanis, facilitating greater economic partnership and meaningful interaction given Pakistan’s abundant pool of skilled professionals. Khan also invited Kuwaiti investors to leverage Pakistan’s Special Investment Facilitation Council, identifying key sectors ripe for investment.

Key Outcomes and Agreements

  • Loan Agreement for Mohmand Dam: Agreement to sign a $25 million loan on June 3, 2024, with assurances of support for the Diamer Bhasha Dam from the Kuwait Fund.
  • Potential Financing for Kachhi Canal: The Kuwait Fund expressed willingness to consider financing the Kachhi Canal project.
  • MoUs and Agreements: Significant agreements were signed in fields such as industrial cooperation, engineering councils, and news exchange. Future MoUs were also formalized for collaboration in agriculture, maritime and ports, avoidance of double taxation, quality and safety standards, and higher education.

Establishment of Joint Working Groups

Both countries agreed to establish Joint Working Groups (JWGs) to address trade and investment, as well as visa and consular affairs, reflecting a commitment to structured and ongoing cooperation.

Sectoral Discussions and Cooperation

The discussions during the JMC session covered a wide range of sectors including commerce and trade, food security and livestock, maritime and ports, industries and production, investment, energy, oil and natural resources, overseas employment, visa, higher education, science and technology, banking and finance, taxation, arts and culture, sports and tourism, health, information and broadcasting, and development cooperation.

Dr. Kazim Niaz, Secretary of the Ministry of Economic Affairs and head of the delegation at the technical level, emphasized the JMC’s potential in augmenting trade and fostering cooperation in education, science, and culture, laying the groundwork for a robust partnership. He also lauded Kuwait’s investment in Pakistan’s strategic sectors, expressing optimism for mutual economic and cultural benefits.

Looking Forward

Abdul Aleem Khan thanked Kuwait for hosting the 5th Session of the Pakistan-Kuwait JMC, acknowledging the diligent efforts of experts from both nations. He looked forward to the 6th Session of the JMC in Islamabad, anticipating significant progress in all areas of mutual interest. Omar Saud Al-Omar reaffirmed Kuwait’s unwavering commitment to implementing the discussed measures, underscoring the mutual determination to foster a dynamic partnership between Pakistan and Kuwait.

The successful conclusion of the 5th JMC session represents a significant stride in the evolving relationship between Pakistan and Kuwait, promising enhanced economic cooperation and mutual prosperity.

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