Pakistan, Saudi Arabia Ink Two Financial Agreements

(MENAFN- Kuwait News Agency (KUNA)) ISLAMABAD, Feb 3 (KUNA) -- Pakistan and Saudi Fund for Development (SFD) on Monday have signed two financing agreements worth USD 1.2 billion.
Prime Minister of Pakistan, Shehbaz Sharif witnessed the signing ceremony of Oil import Financing Facility as well as loan agreement for Gravity Flow Water supply Scheme at Mansehra district of Khyber Pakhtunknwa province, said a release by PM House.
A delegation led by CEO of SFD, Sultan Bin Abdul Rehman Al Marshad called on PM Sharif here in Islamabad. During the meeting, the Prime Minister welcomed the delegation and appreciated the long-standing friendship between the Kingdom of Saudi Arabia and Pakistan.
He also appreciated the efforts of SFD for providing financing to Pakistan in the fields of Health, Energy, Infrastructure and Education as well for the reconstruction after the 2022 floods.
He highlighted the need to expedite the processing of the new projects, shared with SFD, in the field of green energy and infrastructure, which once implemented would go a long way in the economic revival of the country, besides serving the needs of the local communities.
The visiting Saudi dignitary shared updates with the Prime Minister about the ongoing projects including Mohmand Multi-purpose Hydropower Project, Golan Gol Hydropower Project, Malakand Regional Development Project, and other projects funded through Saudi grants.
He assured early processing of the shared projects and also reiterated that the Kingdom of Saudi Arabia, under the leadership of the Royal Family, would extend all possible assistance and continued support to Pakistan, said the release.
CEO of SFD and Pakistan's Secretary Economic Affairs Division Dr. Kazim Niaz signed the agreements on behalf of their respective governments.
According to the agreement, Pakistan will receive oil on deferred payment for one year totaling USD 1.2 billion aimed at strengthening Pakistan's economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens. SFD will also provide an amount of USD 41 million for Gravity Flow Water Supply Scheme to enhance access to clean drinking water for 150,000 local people of the district. (end)
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