Saudi Arabia to provide $122m loan to Pakistan

ISLAMABAD (Web Desk) - Pakistan on Thursday signed six agreements with Saudi Arabia for different development projects.

According to details, Saudi Arabia will provide 122 million dollars to Pakistan for different development projects to be carried out in Pakistan and Azad Jammu & Kashmir (AJK).

Secretary Economic Affairs Division, Vice Chairman Saudi Development Fund Yousuf Ibrahim and Minister for Finance Ishaq Dar were also present on the occasion.

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

Speaking on the occasion, Finance Minister Ishaq Dar said that 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 thanked the leadership of Saudi Arabia for the generous assistance and stated that both the countries have good brotherly relations.

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

It is pertinent to mention here that Prime Minister Nawaz Sharif is in Riyadh on an official visit to hold important talks with Saudi leadership.

Chief of Army Staff General Raheel Sharif and Special Assistant to Prime Minister on Foreign Affairs Tariq Fatemi are also accompanying the Prime Minister.