Aurangzeb meets UNDP chief and Sharjah Islamic Bank delegation in Bangkok

BANGKOK: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met UNDP Administrator and UN Under-Secretary-General Alexander De Croo. They discussed drawing up a list of investable projects through the UNDP’s Implementation Bridge, the SDG Investment Fair and the V20 platform.

Muhammad Aurangzeb stressed the importance of improving implementation capacity so that available financial resources and policy frameworks could be turned into investable projects.

According to a statement issued after the meeting, the two sides reviewed the prospects of integrated financing, blended financing, public-private partnerships and close cooperation between the UNDP and the World Bank.

They also discussed financing for the protection of biodiversity. In view of the structure of Pakistan’s external debt, they also exchanged views on debt-for-nature swaps and debt-for-climate swaps.

According to the statement, the finance minister highlighted the importance of creating jobs led by the private sector. He also stressed expanding income-based loans, digital financial facilities and guarantee systems for small businesses and farmers. He also pointed to the prospects of joint cooperation in insurance against climate risks, including Global Shield and parametric insurance.

Sharjah Islamic Bank delegation

The federal finance minister, Senator Muhammad Aurangzeb, also met a delegation of Sharjah Islamic Bank. The meeting discussed investment opportunities and the bank’s participation in sukuk issuance.

The finance minister highlighted the rise in the country’s foreign exchange reserves and the progress made under the IMF programme.

The statement said the meeting also discussed a possible sukuk issuance, the issuance of Panda bonds and the prospects of tokenising Eurobonds.