ISLAMABAD: Saudi Fund for Development (SFD) would provide US$ 122 million to Pakistan for different projects, related to health care, education, communications and housing for uplift and prosperity of general masses in the country.
In this regard, Saudi Fund for Development and Economic Affairs Division signed six agreements here on Thursday.
Vice Chairman SFD, Yousef Ibrahim Albassam and Secretary EAD, Tariq Bajwa signed the agreements on behalf of their respective organizations.
Minister for Finance Muhammad Ishaq Dar along with the delegates of SFD also witnessed the signing ceremony.
Addressing the ceremony, Finance Minister highlighted the role of Saudi financial assistance in social sector development of the Pakistan including energy generation projects to help overcome energy shortages in the country.
The minister informed that SFD had provided US$ 67 million for construction of Home Economic and Management College Islamabad besides construction of Islamabad General Hospital.
Ishaq Dar said that the Saudi Fund had provided US$ 20 million for construction of Islamabad General Hospital and US$ 6 million for the construction of Home Economic and Management College Islamabad as grant in aid.
It would also provide US$ 25 million for construction of houses in earthquake affected areas of Awaran in Balochistan and US$ one million for the restoration of livelihood in the province, he added.
The SFD, he said, had also provided US$ 55 million for the construction of two tunnels at Chella Bandi-Patika Road in Muzaffarabad.
The minister said that Saudi government has always supported Pakistan in different social sector development projects including health care, education, communication and energy generation.
He also thanked the Custodian of the Two Holy Mosques, Government and people of Saudi Arabia for their generous support for the development of the country.
Speaking on the occasion, Vice Chairman SFD said that the SFD had provided US$ 55 million as soft loan for Challa Bandy-Patika Raod which would overcome landslide problems and reduce cost of transportation.
He said that the project would also improve the living standard of the people of the area besides enhancing tourism activities.
The other five signed agreements of US$ 53.5 million were related to financing the vital projects in Islamabad and Balochistan in health and education sectors, he added.
He said that Kingdom of Saudi Arabia has also joined hands with United Nations agencies to overcome the natural disasters such as floods and earthquake in some areas of Pakistan.
He said that the initiatives were also aimed at helping internally displaced people, besides enhancing the humanitarian response in the country.
The Vice Chairman SFD expressed the hope that the signing the agreements would further deepen the bilateral cooperation and the good relations of the two brotherly countries as both the countries are already enjoying the cordial relations.
