Islamabad January 12 2023: Pakistan Economic Affairs Division signed an agreement to finance oil derivatives worth USD 1 billion with Saudi Fund for Development.
In implementation of the directives from the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and the Crown Prince, Mohammed bin Salman Al Saud – may Allah protect them; the CEO of the Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, and the Secretary Ministry of Economic Affairs in Pakistan, Dr. Kazim Niaz, signed an agreement to finance oil derivatives worth USD 1 billion to Pakistan.
The agreement was signed in Islamabad in the presence of Saudi Arabia and Pakistani officials. Aimed at supporting Pakistan’s economy, sector growth, and navigating economic challenges, the strategic agreement signed today comes as a continuation of the support provided by the Government of Saudi Arabia to the brotherly country Pakistan to build a sustainable economy.
In 2019 and 2021, the SFD signed agreements to finance oil derivatives with a value of USD 4.44 billion. 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 aproximately at USD 1.4 billion to finance Pakistan’s energy, water, transportation, and infrastructure projects.
