ISLAMABAD, Oct 10 (APP): The government has incorporated the Pakistan Development Fund (PDF) and is finalizing its operational programme with an aim to support development of projects.
“PDF has been incorporated and its operationalization plan is being finalized,” official said adding it was an innovative idea to finance development projects.
The sources said that to fully operationalize the Fund, the required procedural formalities have been completed and the hiring process is also being initiated.
However the governance structure and a comprehensive business plan for the fund is yet to be finalized.
In addition, the sources said that hiring of Chief Executive Officer and key personnel is also being initiated.
They clarified that PDFL and Infrastructure Project Development Facility (IPDF) were two separate entities with different roles and objectives.
The role of IPDF’s is to assist and provide advisory services to public institutions in the development of projects which can be done on Public Private Partnership (PPP) basis, whereas, PDF is a full-fledged development financing institution.
Further, the money has been placed in DFL and not IPDF, because IPDF does not have the mandate to provide financing to public private partnership Projects. It is the mandate of PDFL.
It is pertinent to mention here that the PDF will act as a Development Finance Institution (DFI) and operate on commercial basis and will be completely independent in its working.
Various bilateral and multilateral partners are likely to join the PDF and the Asian Development Bank has also been invited to join PDF as an equity partner.
