Saudi Arabia to invest 21 bln dollars in Pakistan in three phases
ISLAMABAD: The Kingdom of Saudi Arabia will invest in three phases, short-term, middle-term and long-term projects, in Pakistan under its investment plan, ARY News reported on Monday.
According to the investment plan released during the historic visit of Saudi Crown Prince Muhammad bin Salman, the Saudi Kingdom will invest 21 billion dollars in various projects in Pakistan.
The investment on RLNG Plants, Aqua Power and the Saudi Fund for Pakistan will be the first phase of the short-term projects. This short-term investment will come to Pakistan in an year or two and its volume will be seven billion dollars, according to the plan.
The second phase of mid-term investment will be completed within two to three years. This investment to the tune of two billion dollars will cover petro-chemicals, food and agriculture projects.
The volume of third phase of long-term investment will be of 12 billion dollars. The Aramco refinery project and mineral development projects will be implemented in this phase of the Saudi investment.
Pakistan and Saudi Arabia on Sunday signed memorandums of understanding (MoUs) in diverse fields of cooperation.
Federal Minister for Petroleum Ghulam Sarwar and Saudi Energy Minister Khalid al-Falih inked MoUs for setting up an oil refinery and enhancing cooperation in the field of minerals.
Foreign Minister Shah Mahmood Qureshi and his counterpart Adel bin Ahmed Al-Jubeir signed a MoU for technical cooperation in standardisation sector while Federal Minister for Inter Provincial Coordination Fahmida Mirza and the Saudi foreign minister inked a MoU aimed at enhancing cooperation in sports and youth affairs between the two countries
Finance Minister Asad Umar and his Saudi counterpart signed MoUs with regard to import of Saudi goods and provision of funds for development projects by the Saudi government.