ISLAMABAD: Pakistan and the Kingdom of Saudi Arabia (KSA) on Thursday signed an agreement to supply $1 billion in oil derivatives, ARY News reported.
According to the statement, the agreement was signed by Secretary of Economic Affairs Dr Qassem Niaz and Chief Executive Officer (CEO) of the Saudi Development Fund (SDF) Sultan bin Abdulrahman al-. Merced
Under the agreement, Saudi Arabia will provide $1 billion worth of oil derivatives to support Pakistan’s economy. sector growth and addressing economic challenges.
On this occasion, Dr. Qassem Niez said the step builds on previously signed agreements in 2019 and 2021 worth $4.44 billion to finance oil derivatives in Pakistan.
since inception The Saudi Development Fund has supported more than 40 projects and projects in various development sectors. worth about $1.4 billion.
All projects aim to help the country achieve its sustainable development goals and create a prosperous future. he added
Sultan bin Abdulrahman Al-Murshed, CEO of the Saudi Development Fund, said the agreement underlines the Kingdom of Saudi Arabia’s commitment to continue supporting its sister Islamic Republic of Pakistan.
The deal also reflects the interest of “Our leadership in supporting the Government of Pakistan in addressing economic challenges and building a sustainable economy,” he added.
“I am delighted to inform you of the Saudi Government’s greetings and wishes for continued progress, growth and prosperity in Pakistan.”
Read more: Saudi Arabia extends $3 billion deposit deadline: SBP
Earlier, the Saudi news agency reported that Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister Saudi investments in PakistanWhich was previously announced on August 25, 2022 and is expected to reach $ 10 billion.
SPA said that Crown Prince The Crown Prince also instructed the Saudi Development Fund (SDF) to study increasing the amount of Saudi Arabia’s deposits to the Bank of Pakistan (SBP). to the ceiling of 5 billion US dollars
Saudi Arabia’s official news agency said The move strengthened the Kingdom’s position in supporting Pakistan’s economy and supporting its people. The report states that The move followed communications between the Crown Prince and Prime Minister Muhammad Shehbaz Sharif.
