Published on: August 22, 2025 2:21 AM
Chairman Senate of Pakistan, Syed Yousaf Raza Gilani, on Thursday stressed the need to expand cooperation between Pakistan and Libya in energy, sustainable infrastructure, agricultural exports, SME financing, fintech, and Islamic banking.
“Strengthening economic partnership in these areas would give new momentum to bilateral relations, foster financial innovation, and contribute to long-term stability and shared prosperity” he expressed these views during a meeting with a high-level delegation from Libya’s sovereign fund, the Libya African Investment Company (LAFICO).
According to a news release, the delegation was led by Jehad Jamal Al-Buragh (Director-designate, LAFICO), Tariq Mahmood, CFA (Managing Director & CEO, Pak-Libya Holding Company), Deputy Managing Director Mr. Basheer B. Omar Matoug, and Aamir Zareef Khan (SEVP & Company Secretary, Pak-Libya Holding Company).
Welcoming the delegation, the Chairman highlighted the decades-long partnership between Pakistan and Libya, strengthened by the establishment of the Pak-Libya Holding Company in 1978.
He commended the recent turnaround of the institution under its new leadership, noting its stronger governance framework, diversified investment portfolio, and enhanced role in SME, renewable energy, and private sector financing.
Jehad Jamal Al-Buragh, Director-designate of LAFICO, expressed appreciation to the Chairman Senate for giving priority to the meeting, noting that it reflected the importance Pakistan attaches to bilateral economic relations.
He reaffirmed that LAFICO remains strongly focused on Pakistan, is actively exploring new avenues of growth, and is committed to synergizing investments between the two countries.
Tariq Mahmood, CFA, Managing Director & CEO of Pak-Libya Holding Company, briefed the Chairman that the institution is now moving on a positive trajectory after a successful turnaround, and is once again focused on its original mandate as a Development Finance Institution.
He highlighted that Pak-Libya is now working to synergise investors from both Pakistan and Libya, creating joint opportunities in priority sectors.
He further informed that delegations from the textile and pharmaceutical sectors are already engaged, and that a road show is being planned to attract wider participation and investment interest. In addition to project financing, Libya’s Central Bank reserves could be beneficially placed with the State Bank of Pakistan (SBP), thereby reinforcing Pakistan’s fiscal buffers and reflecting Libya’s confidence in bilateral financial cooperation.
He also paid tribute to the contribution of Libyan board members of Pak-Libya Holding Company in corporate governance, investment strategy, and risk management, particularly through their leadership of the Audit and Risk Committees.
Both sides underlined the importance of taking practical steps to enhance cooperation in renewable energy, agriculture value chains, IT and fintech, and Islamic banking. The Chairman assured the delegation of the full support of the Upper House of Parliament and encouraged Libya to take maximum benefit of the Special Investment Facilitation Council (SIFC) as a “one-window operation” to facilitate trade and investment. He also appreciated Pak-Libya Holding Company’s initiatives in providing relief to flood-affected communities, extending small loans on easy terms, and promoting investment opportunities in underserved sectors.
The delegation informed the Chairman that LAFICO is actively exploring new investment opportunities in Pakistan in pharmaceuticals, textiles, mining, energy, and other industries, while also engaging with chambers of commerce to build stronger business-to-business linkages.
Advisor to the Chairman Senate, Aizaz Khan, briefed the delegation on the role of SIFC in creating a fast-track, investor-friendly environment, reaffirming that the Senate’s committees are fully engaged in promoting growth and a conducive climate for foreign investment.
