PBIT inks MoU with Euclid Energy Inc. USA

Wednesday, May 18, 2016

Punjab Board of Investment and Trade signed a Memoranda of Understanding (MoU) with Euclid Energy Inc (USA), on Wednesday to mutually promote and facilitate investment in the clean energy segment of the Punjab.
 “We can be a self-sufficient economy, the only need is to make economic environment investment friendly and that is one of the prime focus areas on which PBIT in collaboration with Chief Minister Punjab’s office is working at the moment” said CEO PBIT. She was speaking to media after the Memoranda of Understanding ceremony held at Punjab Board of Investment and Trade on Wednesday.
She further said that “Due to the improved security/ law & order situation, availability of skilled labour and abundant raw material, many leading companies of the world are considering to invest in Punjab”.
Euclid Energy Inc. held a meeting with PBIT officials and Energy department earlier in April wherein various investment opportunities were discussed especially in the energy sector. It was decided that Exim bank will fulfill the funding needs of the project while PBIT will provide all the necessary facilitation.
Projects like provision of clean drinking water to cater about 54 million people in rural areas; Non-grid tied solar power generation and solar electricity transmission for 60 million users in rural areas; Solar powered irrigation systems; Solar powered rural schools; Solar powered rural Basic Health Units (BHU); Solar powered urban schools and urban satellite dispensaries; and Zero Carbon and Triple Zero Carbon Infrastructure development and Construction would be taken up within the framework of the MOU.
The MoU was signed by Ameena Cheema, Chief Executive Officer PBIT and Tariq Zaheen, President EUCLID Energy Inc. in presence of Nissar Ul Haque, Director Cost Control, Noor Al Mustaqbal and Malik Asim Javed Awan , CEO Joint Collaborations (PVT) Ltd.
This MoU is the direct result of PBIT’s efforts to bring foreign investment in the province.