- The U.S. and Pakistan will redevelop Roosevelt Hotel in New York.
- The 1924-built hotel is owned by Pakistan International Airlines.
- The Pakistan government says it is worth over $1 billion.
THE GOVERNMENTS OF Pakistan and the U.S. agreed to redevelop New York's Roosevelt Hotel. The hotel, owned by Pakistan International Airlines, closed in 2020.
The agreement allows Pakistan to benefit from its overseas investment, Reuters reported, citing Pakistani government sources. The hotel, built in 1924, is said to be worth more than $1 billion. It is near Grand Central Terminal, Times Square and Fifth Avenue.
Restructuring and privatization of state assets are central to Pakistan's $7 billion program with the International Monetary Fund, according to Reuters. The hotel in Midtown Manhattan plays a role in those plans. The objective is to secure maximum value for the property under the government's privatization strategy while strengthening Pakistan-U.S. economic ties.
The agreement was signed by Edward Forst of the U.S. General Services Administration and Pakistan Finance Minister Muhammad Aurangzeb and witnessed by Pakistan Prime Minister Shehbaz Sharif and U.S. Special Envoy Steve Witkoff, according to The Dawn.
Pakistan’s finance ministry said the agreement was negotiated by Witkoff under U.S. President Donald Trump. However, the White House did not respond to a request for comment, according to Reuters.
Reuters reported the U.S. General Services Administration and the Pakistan Ministry of Defense will facilitate the redevelopment. The U.S. General Services Administration manages federal property and procurement for U.S. agencies and does not typically handle commercial redevelopment of foreign state-owned assets. It was unclear under what authority the agency would facilitate the project.
Pakistan has been deepening economic ties with the U.S., recently securing nearly $1.3 billion in commitments for the Reko Diq copper and gold mining project in Balochistan, according to NDTV.
Earlier, Trump’s administration indefinitely suspended visa processing for visitors from 75 countries, including Pakistan, Bangladesh and Afghanistan, starting Jan. 21.
