Prime Minister Muhammad Shehbaz Sharif and the executive director of the Saudi Fund for Development (SFD), Sultan Abdulrahman al-Marshad, witnessed the signing of two significant agreements between Pakistan and SFD, valued at $ 1.61 billion.
The agreements were signed on Monday, strengthening even more bilateral economic cooperation between the two nations.
The agreements include a deferred payment center for oil imports of Saudi Arabia for a value of $ 1.20 billion, which will be paid for a year, and a concessional loan agreement for the construction of a gravity flow water scheme In Mansehra in Khyber Pakhtunkhwa, ascending to $ 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 was attended by the Vice Prime Minister and Minister of Foreign Affairs Mohammad Ishaq Dar, together with federal ministers and the Saudi ambassador to Pakistan, Nawaf Bin said Al-Malki.
Prime Minister Shehbaz Sharif expressed his approval of the oil import financing installation, which will allow Pakistan to receive oil in deferred payments for one year. He stressed that this agreement will strengthen Pakistan’s economic resilience by ensuring a stable oil supply while facilitating tax pressures.
The SFD will also provide $ 41 million for the gravity flow water supply scheme in Mansehra, which will improve access to clean drinking water for 150,000 residents. This project is expected to meet the demand for water 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 great step forward in Pakistan’s economic cooperation with Saudi Arabia, with both projects aimed at providing essential services and strengthening the country’s economic stability.
