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Pakistan to get $122m Saudi funds for development projects

ISLAMABAD: Saudi Arabia will provide US $ 122 million to Pakistan for different development projects to be carried out in Pakistan and AJK.

Six agreements to this effect were signed at a ceremony in Islamabad today [Thursday].  Vice Chairman Saudi Development Fund Yousuf Ibrahim and Secretary Economic Affairs Division.  Minister for Finance Ishaq Dar was also present on the occasion, reported the Radio Pakistan.

The 122 million dollars comprises grant and soft loan which will be spent on different development projects in Islamabad, Balochistan and AJK.

Speaking on the occasion, Finance Minister Ishaq Dar said Saudi Arabia is big supporter of Pakistan and is cooperating in country’s economic development.  He said Saudi Arabia has also cooperated in Neelum Jhelum and other projects.

He said thanked the leadership of Saudi Arabia for the generous assistance.  He said Pakistan and Saudi Arabia have good brotherly relations.

Vice Chairman of Saudi Development Fund Yousuf Ibrahim said Saudi Arabia will continue to cooperate with Pakistan in various sectors of its economy.

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