Saudi Arabia To Invest $1 billion In Pakistan To Support It’s Economy
KNT Web Desk
Saudi Arabia has decided to invest $1 billion in Pakistan to support its economy, Saudi state TV reported.
Saudi King Salman bin Abdulaziz had given the directive for the kingdom to support the Pakistani economy, state TV as per ‘Reuters’ added.
This development came during a phone call between Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah, and his Pakistani counterpart Bilawal Bhutto Zardari, where he informed him of the Saudi King’s directive, in addition to discussing Saudi-Pakistani ties, as well as the regional and international issues.
“The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, issued a directive to invest USD 1 billion in Pakistan, in confirmation of the Kingdom’s support of the Pakistani economy and the Pakistani people,” Saudi Press Agency (SPA) said.
The Pakistan foreign minister welcomed the kingdom’s $1 billion investment in Pakistan.
“Pleased to have a conversation with HH FM Faisal bin Farhan. Recalling fraternal bilateral ties, welcomed KSA commitment of USD 1 billion investment. in Pakistan. Briefed my counterpart on damages caused by unprecedented floods, highly value solidarity expressed and KSAs all possible assistance,” Bilawal Bhutto said in a tweet.
Pleased to have conversation with HH FM @FaisalbinFarhan. Recalling fraternal bilat. ties, welcomed KSA commitment of $1 billion invest. in Pakistan. Briefed my counterpart on damages caused by unprecedented floods, highly value solidarity expressed & KSAs all possible assistance
— BilawalBhuttoZardari (@BBhuttoZardari) August 25, 2022
This announcement regarding the fresh investment comes days after the State Bank of Pakistan informed about $4 billion in financing for Pakistan from friendly countries.
“Pakistan will get USD 2 billion from Qatar, USD 1 billion from Saudi Arabia under the umbrella of deferred oil facility and USD 1 billion investments from the UAE in various sectors,” Dawn quoted State Bank of Pakistan Acting Governor Murtaza Syed as saying.
The $1 billion investment has come following visits made by Pakistan’s newly elected prime minister Shehbaz Sharif and the country’s chief of army staff Qamar Javed Bajwa.
