Brazil and Pakistan sign $ 500 m investment deal
A Brazilian consortium and a Pakistani-Canadian company, Hashwani and Son Inc, signed a US dollars 500 million agreement for the development of energy and infrastructure projects in Pakistan.
The signing ceremony, taking place during the President of Pakistan's visit to Brazil, was attended by Pakistan's Minister of State for Privatization, Umar Ahmed Ghumman, who is member of the President's entourage.
The agreement is focused on the establishment of wind energy project for 500 MW power generation, and development of infrastructure in Pakistan.The agreement represents very significant investment in Pakistan by foreign private sector companies.
The agreement was signed by Frederico Robalinho de Barros and Jesus Ferreira Filho of Brazil Energy Power Corporation and MPE Group, the two companies representing the Brazilian consortium, and Abdullah Hashwani of Hashwani & Son.
MPE Group is a US dollar billion plus company involved in turn key projects in various sectors including petroleum, steel, ports, engineering and agribusiness in Brazil and several countries.
The ceremony was covered by NTV Channel 30 and other media outlets indicating positive public interest about investment opportunities in Brazil.
(From Nabou, November 29, 2004)
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