ISLAMABAD: US Export-Import Bank has expressed willingness to finance three liquefied natural gas-based power plants in Pakistan with an overall generation capacity of 3,600 megawatts.

The assurance came from the ExIm Bank’s Vice-President Annette Maresh in a letter addressed to Finance Minister Ishaq Dar, a spokesman for the ministry said in a statement issued on Saturday.

Mr Dar started engagement with the bank during his visit to the United States in September last year when he met its senior officials and gave a detailed account of the business and investment opportunities in Pakistan.

He urged the US ExIm Bank, the official export credit agency of the US federal government, to explore financing development projects in Pakistan.

The announcement came after the visit of ExIm Bank’s Chairman and President Fred Hochberg to Pakistan last month.

During the visit, Mr Hochberg had a detailed meeting with the finance minister and was briefed on various upcoming projects, especially in the energy sector, where Exim Bank could participate.

The three power projects will be built in Baloki, Bhikki and Haveli Bahadar Shah. Welcoming the decision, Mr Dar has directed the relevant government departments to work out the details of the financing at the earliest.

The decision by the US ExIm Bank to finance the energy projects indicated the confidence of international institutions in economic stability and improved investment climate in Pakistan, the finance ministry’s spokesman said.

Published in Dawn, May 15th, 2016