Islamabad, Riyadh sign agreement to finance oil derivatives worth $1b
ISLAMABAD – Saudi Arabia has signed an agreement with Pakistan to finance oil derivatives worth $1 billion. In implementation of the directives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the Crown Prince, Mohammed bin Salman Al Saud, CEO of the Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, and the Secretary Ministry of Economic Affairs in Pakistan, Dr. Kazim Niaz, signed the agreement to finance oil derivatives worth USD 1 billion to Pakistan. The agreement was signed in Islamabad in the presence of Saudi Arabia and Pakistani officials. Aimed at supporting Pakistan’s economy, sector growth, and navigating economic challenges, this strategic agreement comes as a continuation of the support provided by the Government of Saudi Arabia to Pakistan to build a sustainable economy. In 2019 and 2021, the SFD signed agreements to finance oil derivatives with a value of USD 4.44 billion. The agreement marks the latest steps taken by the Government of Saudi Arabia through the SFD and the Pakistani authorities to enhance development in the country. Since the Fund’s establishment, the SFD has supported more than 40 projects and programs in different development sectors valued approximately at USD 1.4 billion to finance Pakistan’s energy, water, transportation, and infrastructure projects. Earlier, few days before, Saudi Arabia’s Crown Prince Mohammed bin Salman has directed to study increasing the Kingdom’s investments in Pakistan to reach $10 billion. He also directed the Saudi Fund for Development to study increasing the Saudi deposit to Pakistan’s Central Bank to reach $5 billion. The investments in Pakistan were previously announced in August. The Saudi deposit to the central bank was extended in December. Prince Mohammed’s directives come to affirm the Kingdom’s position in supporting the economy of Pakistan and its people, the Saudi Press Agency said the other day.
Article source: https://www.nation.com.pk/13-Jan-2023/islamabad-riyadh-sign-agreement-to-finance-oil-derivatives-worth-dollar-1b