Prime Minister Muhammad Shehbaz Sharif and the Chief Executive Officer of Saudi Fund For Development (SFD), Sultan Abdulrahman al-Marshad, witnessed the signing of two important agreements between Pakistan and the SFD, evaluated at 1.61 billion dollars.
The agreements were signed on Monday, further strengthening bilateral economic cooperation between the two nations.
The agreements include a deferred payment ease for oil imports from Saudi Arabia worth $ 1.20 billion, to be paid over a year, and a concessional loan agreement for the construction of a Gravity flow regime in Manshra in Khyber Pakhtunkhwa, $ 41 million.
The agreements were signed by Dr. Kazim Niaz, secretary of the Division of Economic Affairs, and Sultan Abdulrahman al-Marshad, CEO of SFD, on behalf of their respective governments.
The ceremony brought together the Deputy Prime Minister and Minister of Foreign Affairs Mohammad Ishaq Dar, as well as the Federal Ministers and the Saudi Ambassador to Pakistan, said Al-Malki.
Prime Minister Shehbaz Sharif expressed approval by the oil importation funding installation, which will allow Pakistan to receive oil in different payments for a year. He stressed that this agreement will strengthen Pakistan’s economic resilience by ensuring stable oil supply while softening budgetary pressures.
The SFD will also provide $ 41 million for the Gravity flow water supply program in Manshra, which will improve access to drinking water for 150,000 residents. This project should meet water demand in the region until 2040, benefiting more than 200,000 people and improving public health and quality of life.
The signing of these agreements marks a major step in the economic cooperation of Pakistan with Saudi Arabia, the two projects aimed at providing essential services and strengthening the country’s economic stability.
