Islamabad, 13 January 2023 (TDI): Pakistan and the Kingdom of Saudi Arabia (KSA) mutually agreed to finance $1 billion in oil derivatives. In this vein, a signing ceremony took place in Islamabad in the presence of Saudi and Pakistani officials.

According to the Economic Affairs Ministry of Pakistan news release, it was signed by Secretary of Economic Affairs, Kazem Niaz and Chief Executive Officer (CEO) of the Saudi Fund for Development (SFD), Sultan bin Abdulrahman Al-Murshed.

Its purpose is to support Pakistan’s economy, sector growth, and economic challenges. The strategic agreement is a continuation of Saudi Arabia’s support for the brotherly country Pakistan’s efforts to build a sustainable economy.

Notably, the move followed communication between the Crown Prince of KSA Muhammad bin Salman, and the Prime Minister of Pakistan, Shehbaz Sharif.

Remarks by representatives

Speaking on the occasion, Kazem Niaz, said the step is an extension of previously signed agreements in 2019 and 2021 valued at $4.44 billion to finance oil derivatives in Pakistan.

In this vein, Niaz highlighted, “Since its establishment, the SFD had supported more than 40 projects valued at $1.4 billion.”

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“The purpose of programs is to help the country achieve its sustainable development goals and build a prosperous future.” The Economic Affairs Secretary reiterated.

During his turn, Al-Murshed said the agreement emphasized the KSA’s commitment to continue supporting the brotherly Islamic Republic of Pakistan.

Along these lines, he added, “The agreement also reflects the interest of our leaders in supporting the Government of Pakistan. We aim to navigate economic challenges and build a sustainable economy.”

“It is my honor to convey to you the greetings and wishes of the Government of Saudi Arabia for continuous progress, growth, and prosperity in Pakistan.” The CEO concluded.

Prime Minister of Pakistan receives SFD delegation

The Prime Minister Islamic Republic of Pakistan Muhammad Shehbaz Sharif received the delegation of the Saudi Fund for Development (SFD). CEO of the SFD Sultan bin Abdulrahman Al-Marshad headed the delegation.

During the meeting, they reviewed the SFD’s development projects in Pakistan and discussed ways to enhance cooperation between the countries.

Sharif valued the development efforts provided by the KSA, through the SFD, to support Pakistan’s people.

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For his part, Al-Marshad stressed that these development projects emanate to support the development cooperation between the two sides.