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Islamabad: Pakistan and Saudi Arabia signed two agreements worth $1.61 billion on Monday to boost economic cooperation. Prime Minister Shehbaz Sharif and Saudi Fund for Development (SFD) CEO Sultan Abdulrahman Al-Marshad witnessed the signing ceremony.

The agreements include a $41 million concessional credit deal for a gravity-flow water scheme in Mansehra. Another agreement covers a one-year deferred payment plan for oil imports worth $1.20 billion.

Secretary Economic Affairs Division Dr. Kazim Niaz and SFD CEO Sultan Abdulrahman Al-Marshad signed the documents on behalf of their governments. The ceremony was attended by Deputy Prime Minister Mohammad Ishaq Dar, federal ministers, and Saudi Ambassador Nawaf bin Said Al-Malki.

Oil Import Financing Facility

Pakistan will receive oil from Saudi Arabia on deferred payment for one year. The $1.20 billion agreement will help Pakistan manage its fiscal burden and ensure a stable petroleum supply. Prime Minister Shehbaz Sharif welcomed the deal, highlighting its importance for economic stability.

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Mansehra Water Supply Project

SFD will provide $41 million for the Gravity Flow Water Supply Scheme in Mansehra, Khyber Pakhtunkhwa. This project will improve access to clean drinking water for 150,000 residents. By 2040, it will serve 201,249 people. The initiative aims to enhance public health and improve the quality of life in the region.

Meeting Before the Ceremony

Before the signing, an SFD delegation led by CEO Sultan Abdulrahman Al-Marshad met Prime Minister Shehbaz Sharif. The prime minister praised the strong ties between Pakistan and Saudi Arabia. He acknowledged SFD’s contributions in health, energy, infrastructure, and education.

SFD also supported Pakistan in reconstruction efforts after the 2022 floods. The CEO appreciated Pakistan’s hospitality and reaffirmed Saudi Arabia’s commitment to supporting Pakistan’s development.

Ongoing SFD Projects in Pakistan

SFD is already funding several projects in Pakistan. These include:

  • Mohmand Multi-purpose Hydropower Project
  • Golan Gol Hydropower Project
  • Malakand Regional Development Project
  • Other Saudi-funded initiatives

SFD CEO Al-Marshad updated the prime minister on these projects. Shehbaz Sharif emphasized the need to fast-track new proposals, especially in green energy and infrastructure. He noted that these projects would aid economic recovery and benefit local communities.

Saudi Arabia’s Continued Support

The SFD CEO assured the prime minister of prompt action on the proposed projects. He reiterated Saudi Arabia’s commitment to assisting Pakistan under the leadership of the Saudi Royal Family.

Prime Minister Shehbaz Sharif thanked the delegation and conveyed his best wishes to King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman. The agreements mark another milestone in Pakistan-Saudi economic relations.

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