Saudi Arabia extend Pakistan US$172mln (645mln Riyals) soft term loans

Islamabad: Saudi Arabia will extend Pakistan US$172 million (645 million Riyals) soft term loans for infrastructure construction in Malakand and urea import. Agreements were signed here Thursday by Secretary Economic Affairs Abdul Wajid Raja & Saudi Fund for Development, represented by Eng. Yousef Ibrahim Al-Bassam, Vice Chairman & Managing Director.

The first accord is soft loan worth $72 million (270 Million Riyal) to finance reconstruction of Malakand Region Project to improve roads, contribute to increase agriculture productivity, enhance level of education, health standards for people. Second one of $100 million (275 million Riyal) is to import of urea to benefit agriculture by enhancing production, maximize farmers income, produce additional food by enhancing yield of existing under cultivation land.

Eng. Yousef Ibrahim said commitment of Saudi government reflected in these agreements to support sincere, continued efforts of Pakistan government in promoting well being, economic prosperity of its people. It will deepen bilateral cooperation and enhance brotherly ties between two countries. Wajid Rana thanked Saudi government & Saudi Fund for Development for support to Pakistan’s development.

Leave a Reply