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Saudi Fund for Development Signs $1.2 Billion Financing Deal with Pakistan for Oil Imports
The agreement, part of broader financial assistance, includes a $1.2 billion deal for oil imports and a $41 million loan for a water supply project.
The Saudi Fund for Development (SFD) has signed a $1.2 billion financing agreement with Pakistan to support the import of oil derivatives.
The deal was formalized by SFD Chief Executive Sultan Al-Marshad and Pakistani Ministry of Economic Affairs Secretary Dr. Kazim Niaz.
Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Ambassador to Pakistan Nawaf Al-Malki attended the signing ceremony.
This agreement is part of Saudi Arabia's ongoing financial assistance to Pakistan, which has totaled approximately $6.7 billion in oil derivatives since 2019. Alongside the oil deal, a $41 million development loan was also signed to fund a drinking water supply project for Mansehra, a city in northern Pakistan.
The project involves the installation of 400 kilometers of water pipelines, which will serve over 150,000 people, and the construction of a water treatment plant with a daily capacity of 21,000 cubic meters.
This initiative aims to reduce waterborne diseases and improve public health in the region.
During the ceremony, discussions were held on further cooperation between Saudi Arabia and Pakistan, particularly in financing key sectors to promote Pakistan's long-term economic stability.
The deal was formalized by SFD Chief Executive Sultan Al-Marshad and Pakistani Ministry of Economic Affairs Secretary Dr. Kazim Niaz.
Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Ambassador to Pakistan Nawaf Al-Malki attended the signing ceremony.
This agreement is part of Saudi Arabia's ongoing financial assistance to Pakistan, which has totaled approximately $6.7 billion in oil derivatives since 2019. Alongside the oil deal, a $41 million development loan was also signed to fund a drinking water supply project for Mansehra, a city in northern Pakistan.
The project involves the installation of 400 kilometers of water pipelines, which will serve over 150,000 people, and the construction of a water treatment plant with a daily capacity of 21,000 cubic meters.
This initiative aims to reduce waterborne diseases and improve public health in the region.
During the ceremony, discussions were held on further cooperation between Saudi Arabia and Pakistan, particularly in financing key sectors to promote Pakistan's long-term economic stability.
