Saudi Fund for Development (SFD) Chief Executive Sultan Al-Marshad and Pakistani Secretary for Ministry of Economic Affairs Dr. Kazim Niaz signed in Islamabad a US$1.2 billion financing agreement for the import of oil derivatives.
Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Ambassador to Pakistan Nawaf bin Said Al-Malki witnessed the signing of the agreement.
The funding is part of Saudi Arabia's ongoing support to Pakistan through the SFD, which has totaled around US$6.7 billion for oil derivatives since 2019.
The Kingdom's support is aimed at boosting Pakistan’s economy, addressing its economic challenges, and bolstering vital sectors, reported the Saudi Press Agency on Monday.
Additionally, both parties signed a development soft loan agreement worth US$41 million to finance a project that will supply drinking water to the Pakistani city of Mansehra.
The initiative will involve supplying about 400 kilometers of pipes for water networks, benefiting over 150,000 people. It also includes the establishment of a water treatment plant with a capacity of about 21,000 cubic meters per day, helping in reducing waterborne diseases and epidemics in Pakistan.
The two agreements reflect the SFD's commitment to addressing challenges in various countries and underscore the importance of international cooperation and solidarity for achieving sustainable development in beneficiary nations.
During the signing ceremony, the Pakistani prime minister and the SFD chief discussed ways to bolster cooperation between their countries, focusing on financing vital sectors across Pakistan.
