ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif and Chief Executive Officer of Saudi Fund for Development (SFD) Sultan Abdulrahman Al-Marshad on Monday witnessed the signing of two agreements between Pakistan and SFD worth $1.61 billion, further strengthening the bilateral economic cooperation.
The significant agreements pertained to deferred payment for oil import from the Kingdom of Saudi Arabia worth $1.20 billion for one year and the concessional loan agreement for the construction of a gravity-flow water scheme at Mansehra amounting to $41 million.
Secretary Economic Affairs Division Dr. Kazim Niaz and CEO SDF Sultan Bin Abdul Rehman Al Marshad signed the agreements on behalf of their respective governments.
The signing ceremony was also attended by Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, federal ministers, Ambassador of the Kingdom of Saudi Arabia in Pakistan Nawaf bin Said Al-Malki and relevant authorities.
The prime minister welcomed the signing of Oil Import Financing Facility according to which Pakistan will receive oil on deferred payment for one year amounting to US$1.20 billion.
This project will strengthen Pakistan’s economic resilience by securing a stable supply of petroleum products while reducing immediate fiscal burdens.
SFD will provide an amount of US$ 41 million for the Gravity Flow Water Supply Scheme at Mansehra, Khyber Pakhtunkhwa shall enhance access to clean drinking water for 150,000 local people of Mansehra (and will be sufficient to meet the demand by 2040 by providing water to 201,249 people) improving overall public health and quality of life.
