Pakistan has become one of the five countries in the world with the most investment in the first half-year of 2020 for the first time, according to a World Bank (WB) report released Tuesday.
“Pakistan had the fourth-highest investment commitments – a new entrant to the top five countries this year—with $1.9 billion of investment commitments, accounting for 0.69% of the GDP,” the Private Participation in Infrastructure (PPI) 2020 Half Yearly Report said.
The report had termed the current year’s PPI unprecedented because of Covid-19 which brought many sectors, including infrastructure, to a near standstill.
According to the report, the Thar power plant in Pakistan and the pipeline in Mexico were the only two megaprojects around the world to reach financial closure in the first half-year of 2020.
The coal power project was developed under the umbrella of the China-Pakistan Economic Corridor (CPEC). It is part of an effort by the government to improve energy security and reduce the average cost of power generation by transitioning from oil to coal.
The report added that the South Asian Region (SAR) region had the second highest 1HCY20 investment level at $4.9 billion, driven by Pakistan $1.9 billion, India $1.8 billion, and Bangladesh $1.2 billion