ISLAMABAD: Pakistan and Saudi Arabia on Monday signed two agreements value US$1.61 billion to strengthen bilateral financial cooperation additional, ARY Information reported.
The signing ceremony between Pakistan and the Saudi Fund for Improvement (SFD) was witnessed Prime Minister (PM) Shehbaz Sharif and Sultan Abdulrahman Al-Marshad, the SFD’s CEO.
In line with state-run information company APP, the agreements included a concessional credit score deal for the constructing of a gravity-flow water scheme at Mansehra totaling $41 million and a one-year deferred fee for oil imports to Pakistan by the Kingdom of Saudi Arabia value $1.20 billion.
Secretary Financial Affairs Division Dr. Kazim Niaz and CEO SDF Sultan Bin Abdul Rehman Al Marshad signed the agreements on behalf of their respective governments.
The signing ceremony was additionally attended by Deputy Prime Minister and International Minister Mohammad Ishaq Dar, federal ministers, Ambassador of the Kingdom of Saudi Arabia in Pakistan Nawaf bin Stated Al-Malki and related authorities.
PM Shehbaz welcomed the signing of Oil Import Financing Facility based on which Pakistan will obtain oil from Saudi Arabia on deferred fee for one 12 months amounting to US $ 1.20 billion.
This mission will strengthen Pakistan’s financial resilience by securing a steady provide of petroleum merchandise whereas decreasing rapid fiscal burdens.
SFD will present an quantity of US$ 41 million for the Gravity Circulate Water Provide Scheme at Mansehra, Khyber Pakhtunkhwa shall improve entry to wash ingesting water for 150,000 native folks of Mansehra (and will probably be adequate to satisfy the demand by 2040 by offering water to 201,249 folks) bettering total public well being and high quality of life.
Previous to signing ceremony, a SFD delegation led by Sultan Bin Abdul Rehman Al Marshad, Chief Govt Officer (CEO) referred to as on Prime Minister Shahbaz Sharif.
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The prime minister welcomed the delegation and appreciated the long-standing friendship between the Kingdom of Saudi Arabia and Pakistan and the efforts of SFD for offering financing to Pakistan within the fields of well being, vitality, infrastructure and training as nicely the for the reconstruction after the 2022 floods, PM Workplace Media Wing stated in a press launch.
The CEO, SFD thanked the Prime Minister and Authorities of Pakistan for the nice and cozy welcome and hospitality prolonged to the Saudi delegation.
The CEO, SFD shared updates with the prime minister in regards to the ongoing tasks together with Mohmand Multi-purpose Hydropower Venture, Golan Gol Hydropower Venture, Malakand Regional Improvement Venture, and different tasks funded by Saudi grants.
The prime minister, whereas appreciating the assist of the SFD, highlighted the necessity to expedite the processing of the brand new tasks, shared with SFD, within the area of inexperienced vitality and infrastructure, which as soon as carried out would go a good distance within the financial revival of the nation, in addition to serving the wants of the native communities.
The CEO, SFD assured early processing of the shared tasks and likewise reiterated that the Kingdom of Saudi Arabia, underneath the management of the Royal Household, would prolong all attainable help and continued assist to Pakistan.
The prime minister thanked the CEO and members of the delegation and conveyed his finest needs to all of the members of the Royal Household, particularly Khadim-e-Harmain Sharifain King Salman bin Abdulaziz Al Saud and Crown Prince and Prime Minister Mohammed bin Salman.
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