TEHRAN – Islamabad’s ambassador to Tehran, Muhammad Bux Abbasi, said on Wednesday he believes that Iran can take the place of the International Monetary Fund and the World Bank by establishing an investment fund to give loans to Pakistan.

The ambassador said in his meetings with Iranian officials he had proposed the establishment of a $1 billion fund to give loans to Pakistan.
Through such a fund Iran can replace the IMF and the WB which usually seek political aims in other countries, Abbasi, a former banker, noted.
He said the return of the capital will be guaranteed.
The ambassador, who visited the offices of Tehran Times and Mehr News Agency, announced that Iranian and Pakistani banks will soon establish branches in each country.
He also expressed hope that flights between certain Iranian and Pakistani cities will be opened.
Parviz Esmaeili, the director of Tehran Times and Mehr News Agency, said the two neighbors are gifted with extensive potential for economic cooperation.
Esmaeili said the prospect of relations between Iran and Pakistan seems bright as he said negotiations over gas exports from Iran to Pakistan have made considerable progress over the recent months.
The two nations share “common interests” and this indicates that “Pakistan’s progress is also considered Iran’s progress,” Esmaeili added.
Extremism and terrorism
Pakistan’s top diplomat in Iran regretted the security problems created by gang and terror groups in common borders.
“We are deeply sorry that Iranian brothers are killed or kidnapped by terrorists,” the ambassador said a in reference to the killing or abduction of Iranian security forces by gangs or agents allied to the Jundullah terror group who usually flee into Pakistan after committing vicious acts.
The ambassador also lamented the abduction of Iranian diplomat Heshmatollah Attarzadeh in Peshawar.
Such events cannot hurt the “friendly relations” between the two neighbors, Abbasi explained.
Heshmatollah Attarzadeh, commercial attaché of the Iranian consulate in Peshawar, the capital of the North West Frontier Province (NWFP), was kidnapped from Hayatabad neighborhood when he was heading to his office in November last year.
He said terrorism is the common enemy of Iran and Pakistan, adding Iranians should not think that the government of Pakistan is involved in such acts.
Tehran Times director also said certain foreign countries are trying to damage Tehran-Islamabad ties, adding Iran expects Pakistan to take serious actions against terror and gang groups.
“Undoubtedly, serious campaign against extremist forces and terrorism will help promote” ties between the two neighbors.
Elsewhere in his talks, the ambassador said today certain Islamic nations are facing serious regional or international challenges that make it necessary that “we should understand each other and support each other.”
For example, he said, his country has been facing many problems over the past three decades which mainly started with the Soviet invasion of Afghanistan.
The defeat of Soviet troops in Afghanistan led to the rise of Talban and extremism in the region including Afghanistan and its repercussions are still coming.