Saudi Arabia agrees to provide soft loan of US $ 172 million to Pakistan

Saudi Arabia agrees to provide soft loan of US $ 172 million to Pakistan

Islamabad: (Thursday, December 29, 2011) in a rare agreement, Saudi Arabia has agreed to provide Pakistan with a soft loan of US $ 172 million. While signing the loan agreement today, it was disclosed that the money provided by
Saudi Development Fund (SDF) will be spent on construction of infrastructure in Malakand region and for import of Urea fertilizer in Pakistan.

The agreements to this effect were signed at Economic Affair Division by Abdul Wajid Raja, Secretary Economic Affair Division, and representative of SDF Eng. Yousef Ibrahim Al-Bassam – Vice Chairman and Managing Director.

Ambassador of Saudi Arabia to Pakistan, Abdul Aziz Alghadeer and senior officials of the government of Pakistan were also present on the occasion.

According to details, the first agreement is a soft loan worth US$ 72 million (Riyal 270 Million) allocated for financing Reconstruction of Malakand Region Project.

The project is aimed to improve roads in Malakand region and contribute to increasing agricultural productivity and enhancing the level of education and health standards for people in this region of the country.

The second agreement is for the import of Urea Fertilizers that will benefit the agriculture sector by enhancing production and maximizing farmers’ income.

The agreement will also help produce additional food by enhancing the yield of existing under cultivation land rather than bringing additional land under cultivation.

The amount of financing to be provided under this signed agreement is US$ 100 million (Riyal 275 million).

Eng. Yousef Ibrahim Al-Bassam on the occasion mentioned to the commitment of Saudi government reflected in these agreements, towards supporting the sincere and continued efforts of the Pakistan government in promoting the well
being and economic prosperity of its people.

He added that it will also deepen the bilateral cooperation and enhance the good relations the two countries are enjoying.

Speaking on the occasion, Secretary EAD, Abdul Wajid Rana thanked Government of Saudi Arabia and Saudi Fund for Development for their support to Pakistan for its development.

Short URL: https://www.newspakistan.pk/?p=7706

Posted by Fayyaz Yaseen on Dec 29 2011. Filed under Pakistan. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry