Pakistan Kuwait Investment Company (Private) Limited (PKIC), Pakistan’s leading development finance institution, has signed a $750 million strategic alliance agreement with Enertech Holding Company KSC (Enertech), a subsidiary of Kuwait Investment Authority, with the goal of collaborating and jointly exploring investment and business opportunities, primarily in Pakistan.
With this agreement, PKIC and Enertech have begun a path of collaboration that will pave the road for future infrastructure development initiatives in Pakistan. Furthermore, this will allow progress in the digital and technological sphere while also promoting financial inclusion and gender diversity. This partnership would not only bring foreign investment to Pakistan, but it will also foster technology and knowledge transfer.
Mr. Mohammad Al Fares, Chairman of PKIC (shown right), and Mr. Abdullah Al Mutairi, CEO of Enertech, signed the agreement (pictured left). Mr. Mohammad Al Fares, Chairman of PKIC, remarked at the signing ceremony, “PKIC has a strong desire to support all important sectors of the economy.” Enertech’s strategic partnership will assist in identifying, investing in, and realizing attractive investment opportunities in Pakistan. Both PKIC and Enertech would benefit from each other’s unique capabilities and knowledge structure.”
Mr Mubashar Maqbool, MD of PKIC, expressed his delight at this historic initiative, saying, “We have cemented this collaboration to support priority sectors of the economy such as infrastructure, power, technology, housing, and tourism with the goal of social upliftment and poverty alleviation.” This strategic partnership will also help Pakistan attract much-needed foreign investment.” “These projects will be critical to Pakistan’s energy security and sustainability,” said Mr Yasser Malik, CEO of Enertech Pakistan.
PKIC previously worked with Meezan Bank Limited to construct a Sukuk as a quasi-equity instrument to fund the local equity requirement of Enertech’s 61-kilometer water pipeline to transport water to coal facilities in Thar, Sindh. This deal was negotiated for Enertech and garnered two important prizes from Islamic Finance News (IFN) in Malaysia, including “Pakistan Deal of the Year” and “Most Innovative Deal of the Year.”
Pakistan Kuwait Investment Company (Pvt) Limited is Pakistan’s largest AAA-rated development financial institution, involved in investment and development banking activities. It was founded in 1979 as a joint venture between the governments of Pakistan and Kuwait. Through equity and debt investments, PKIC has played a critical role in fostering industrial activity. Many successful ventures have been credited to PKIC, including the founding of Meezan Bank Limited and Al Meezan Investments, in which it currently maintains a thirty percent stake.
Enertech Holding Firm, KSC, a Kuwaiti company, is a wholly-owned subsidiary of the Kuwait Investment Authority (KIA) and is involved in the development and investment of clean energy, water, sustainable infrastructure, and digital banking.