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Saudi Arabia, Pakistan Sign Financing Agreements on Oil Derivatives, Water Supply 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)
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Saudi Arabia, Pakistan Sign Financing Agreements on Oil Derivatives, Water Supply 

Officials are seen at the signing ceremony. (SPA)
Officials are seen at the signing ceremony. (SPA)

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.

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How Saudi Arabia Contributes to Global Hunger Relief Efforts

Saudi food aid reaches those in need in Chad (SPA)
Saudi food aid reaches those in need in Chad (SPA)
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How Saudi Arabia Contributes to Global Hunger Relief Efforts

Saudi food aid reaches those in need in Chad (SPA)
Saudi food aid reaches those in need in Chad (SPA)

Following the global economic crisis of 1973 and its aftermath, Saudi Arabia provided a $50 million grant to the World Food Program (WFP) between 1975 and 1976 to support its food aid projects for those affected by the crisis.
This contribution marked the beginning of Saudi Arabia’s long-standing role as a generous supporter of the WFP, a partnership that has spanned half a century.
This historical support underscores Saudi Arabia's continued efforts to combat global hunger, a challenge that now impacts 343 million people worldwide.
Saudi support on the international stage has been extensive, either through direct assistance or coordination with the WFP, reaching numerous countries and continents. The partnership between Saudi Arabia and the WFP has been regarded by observers as a key model in the fight against hunger.
Recently, both parties reaffirmed their shared commitment to combating hunger by signing a new five-year cooperation agreement between the King Salman Humanitarian Aid and Relief Center and the WFP, paving the way for a new chapter of potential projects.
The joint cooperation program adopts a multi-faceted approach to address humanitarian challenges in emergencies, capacity building, disaster risk reduction, and logistics.
“The Kingdom of Saudi Arabia’s humanitarian support plays a valuable role in WFP’s efforts to stop hunger and malnutrition in their tracks. As we look to the future, we are pleased to reaffirm our shared commitment to strengthening and expanding this partnership to reach even more people in need,” said WFP Executive Director Cindy McCain.
The partnership has spanned five decades, with one of its most notable milestones occurring during the global financial crisis of 2008.
At that time, Saudi Arabia announced a historic and generous $500 million grant to WFP to help continue its relief projects and provide food to millions affected by rising food prices.
In 2014, Saudi Arabia also contributed over $200 million to supply food for displaced families in Iraq, as well as refugees from Syria in neighboring countries, and those from South Sudan and Somalia.