Diamer-Bhasha dam, mining initiatives highlight SIFC’s $28 billion investment push

ISLAMABAD: The Special Investment Facilitation Council (SIFC), a collaborative forum involving both civilian and military leadership, has given the green light to 28 significant investment initiatives valued at several billion dollars.

According to the Express Tribune, these projects are set to be presented to Gulf nations and include the construction of the Diamer-Bhasha Dam along with mining operations at Reko Diq, which is situated in Balochistan’s Chagai district.

As per an official document, if countries such as Qatar, Saudi Arabia, the UAE, and Bahrain engage in these initiatives, the total investment facilitated by SIFC could reach upwards of $28 billion—outstripping investments made under the China-Pakistan Economic Corridor (CPEC).

The approved projects encompass various sectors, such as food production, agriculture, information technology, minerals, petroleum, and energy. Among these ventures are extensive cattle farms, a $10 billion refinery project by Saudi Aramco, copper and gold exploration in Chagai, and a rail connectivity project for Thar Coal.

Additionally, China has been invited to invest in the Diamer-Bhasha dam as part of CPEC initiatives.

Four countries pledge $27 billion investment in Pakistan through SIFC: Ahsan Iqbal

To ensure the effective implementation of these projects, legislative amendments have been passed by parliament regarding the Pakistan Army Act and the Board of Investment (BOI) Ordinance, aimed at providing legal safeguards for the operations of SIFC.

Changes have also been made to the Election Act that allow these projects to proceed even during the tenure of a caretaker government.

These legal reforms are designed to expedite the completion of the 28 approved initiatives while granting immunity to decision-makers from scrutiny by anti-corruption agencies.

Furthermore, the government is planning to launch a Pakistan Sovereign Wealth Fund, intended to supply equity capital to projects sanctioned by the SIFC.

This fund will aggregate assets from seven profit-oriented public sector companies to finance the initiatives approved by the council.

SIFC has been granted with extensive authority to attract and facilitate foreign investment into Pakistan.