Islamabad
Pakistan and the Kingdom of Saudi Arabia inked an agreement on Thursday to finance oil derivatives worth $1 billion, Economic Affairs Ministry confirmed.
The development comes amid news reports that Saudi Arabia is augmenting plans to increase the amount of investment and deposit in cash-strapped Pakistan which is struggling with a worsening currency crisis.
According to an official statement, the agreement was inked by Economic Affairs Secretary Dr Kazem Niaz, and Saudi Fund for Development (SFD) Chief Executive Officer (CEO) Sultan bin Abdulrahman Al-Murshed.
Dr Niaz, speaking on the occasion, revealed that the pact was an extension of previously signed agreements in 2019 and 2021 valued at $4.44 billion to finance oil derivatives in Pakistan.
its establishment, he said, the SFD had supported more than 40 projects and programmes in different development sectors valued at approximately $1.4 billion.
‘All the programmes were aimed at helping the country achieve its sustainable development goals and build a prosperous future,” he added.
For his part, SFD CEO said that the agreement emphasised the Kingdom of Saudi Arabia’s commitment to continue supporting the brotherly Islamic Republic of Pakistan.
