ISLAMABAD: To materialize directives issued by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the Crown Prince, Mohammed bin Salman Al Saud, CEO Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, and Secretary Ministry of Economic Affairs in Pakistan, Dr. Kazim Niaz, signed strategic agreement to finance oil derivatives worth $1 billion to Pakistan.
According to the Economic Affairs division, the agreement was signed in Islamabad in the presence of Saudi Arabia and Pakistani officials.
Secretary Ministry of Economic Affairs Dr. Kazim Niaz and CEO of the Saudi Fund for Development (SFD) Sultan Abdulrahman Al-Marshad signed an agreement to finance oil derivatives worth USD 1 billion to Pakistan – 12-01-2022. pic.twitter.com/0VjJgHEAvz
— Economic Affairs Division, Government of Pakistan (@eadgop) January 12, 2023
Aimed at supporting Pakistan’s economy, sector growth, and navigating economic challenges, the strategic agreement signed on Thursday comes as a continuation of the support provided by the Government of Saudi Arabia to the brotherly country Pakistan to build a sustainable economy.
It is pertinent to note that the SFD signed agreements to finance oil derivatives with a value of $4.44 billion in 2019 and 2021.
The agreement marks the latest steps taken by the Government of Saudi Arabia through the SFD and the Pakistani authorities to enhance development in the country.
Since the Fund’s establishment, the SFD has supported more than 40 projects and programs in different development sectors valued approximately at $1.4 billion to finance Pakistan’s energy, water, transportation, and infrastructure projects.
