News
Tuesday, September 07, 2010
President for raising funds through stock market
* Zardari asks financial institutions to float long-term bonds
* Calls for setting up task force to rebuild destroyed houses
Staff Report
KARACHI: President Asif Ali Zardari on Monday called upon the investment and finance companies and development financial institutions (DFI) of the country to devise a plan for raising funds through stock markets for building infrastructure projects in the country on build, operate, own and transfer (BOOT) basis or on the build, operate and own (BOO) basis.
The president made these remarks while chairing a meeting of some investment and finance companies and DFIs at the Bilawal House, Karachi. Zardari also tasked the DFIs to prepare a workable plan in two weeks that was a win-win both for them and private entrepreneurs and to the country desperately needing to rebuild the infrastructure devastated by the massive floods. Informing the meeting about the decisions taken in the meeting, presidential spokesman Farhatullah Babar said that the president had urged the DFIs to consider floating long-term bonds for raising finances for viable projects and set up separate one-window operation counters in each DFI for this purpose. Zardari said that raising funds through the stock exchanges would regenerate the money market and also ensure wider distribution of dividends and benefits amongst the small investors and ordinary public.
The president said that the infrastructure projects in highways, bridges, railways, heath and water offered unique opportunities to the investment companies while at the same time they could rebuild the destroyed infrastructure better. He also stressed the need for microfinance schemes to help the poor people. Another area that needed massive investment was the housing sector, Zardari said, adding that nearly 1.4 million houses had been destroyed due to the floods. The president called for setting up a task force consisting of engineers, NESPAK and the HBFC to workout a plan for rebuilding houses using material and technology that enabled them to withstand natural disasters. Zardari said that the entire nation had to brace itself for any eventuality.
Courtesy www.dailytimes.com.pk