UAE rolls over $2bn loan to Pakistan: Ishaq Dar

ISLAMABAD: Finance Minister Ishaq Dar on Wednesday announced that the United Arab Emirates (UAE) has over their deposit of $2 billion with the State Bank of Pakistan (SBP), ARY News reported on Wednesday.

Taking to Twitter, the finance minister said that the Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2 billion with the State Bank of Pakistan (SBP).

Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of
$2billion with State Bank of Pakistan, as discussed by #PM @CMShehbaz with His Highness the President of UAE during last week’s official visit to 🇦🇪!
Long live Pak-UAE friendship!

— Ishaq Dar (@MIshaqDar50) January 18, 2023

Ishaq Dar highlighted that Prime Minister Shehbaz Sharif had discussed the rollover with the United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed al-Nahyan, during his recent visit to the country.

It is pertinent to mention here that Prime Minister Shehbaz Sharif met with UAE President Sheikh Mohamed bin Zayed Al Nahyan on January 12 wherein the latter agreed to roll over the existing loan of US$ 2 billion and provide US$1 billion additional loan.

The two leaders also agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.

Sheikh Mohamed bin Zayed welcomed Prime Minister Sharif to Abu Dhabi and wished progress and prosperity for Pakistan.

He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE.

The prime minister thanked the UAE president for inviting him to the brotherly country.

The two leaders discussed the fraternal relations existing between Pakistan and the UAE; and explored ways and means to further strengthen these ties, especially in the fields of trade, investment and energy.