Russian delegation dedicated to invest up to $10 billion in Pakistan, beginning new chapter of economic relations between Pakistan and Russia.
Russian high level delegation comprise on 64-member led by Russian Minister of Industry and Trade Denis Manturov present in Pakistan for an official four day visit.
Officials informed media that the Russian companies are looking to invest in Pakistan’s energy sector. The companies look for a $2.5 billion gas pipeline project from Karachi to Lahore in the north east to transport imported natural gas to meet the region’s energy demands.
Russian delegation will also attend the sixth meeting of the Pak-Russia Inter-Governmental Commission (IGC).
Russia is also keen on major investment in the aviation sector and could offer Pakistan their most advanced passenger aircraft.
Russia and Pakistan signed an agreement to settle mutual financial claims and obligations on operations of the former Soviet Union, according to which Pakistan will repay the debt to Russia in the amount of $93.5 million.
The agreement was signed between Deputy Finance Minister Sergey Storchak and Pakistan envoy to Russia, Ambassador Qazi Khalilullah. The debt repayment will reportedly give green signal to Russia to invest billions of dollars in different sectors in Pakistan, including energy and steel.