Islamabad (TDI): Prime Minister Shehbaz Sharif and the Chief Executive Officer of Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, witnessed the signing of two significant deals between Pakistan and SFD, valued at $1.61 billion.
The agreements were inked on Monday, further strengthening bilateral economic cooperation between the two countries.
They include a deferred payment facility for oil imports from the Kingdom worth $1.20 billion, to be paid over one year, and a concessional loan deal for the construction of a gravity-flow water scheme at Mansehra in Khyber Pakhtunkhwa, amounting to $41 million.
The deals were inked by Dr Kazim Niaz, Secretary of the Economic Affairs Division, and Sultan Abdulrahman Al-Marshad, CEO of SFD, on behalf of their respective governments.
Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers, and the Saudi Ambassador to Pakistan, Nawaf bin Said Al-Malki attended the ceremony.
PM Shehbaz expressed his approval of the Oil Import Financing Facility, which will allow Islamabad to receive oil on deferred payments for one year.
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He emphasized that this deal will strengthen Pakistan’s economic resilience by securing a stable petroleum supply while easing fiscal pressures.
The SFD will also provide $41 million for the Gravity Flow Water Supply Scheme at Mansehra, which will enhance access to clean drinking water for 150,000 residents.
This project is likely to meet the demand for water in the region until 2040, benefiting more than 200,000 people and enhancing public health and quality of life.
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The signing of these deals marks a major step forward in Pakistan’s economic collaboration with Saudi Arabia, with both projects aimed at providing essential services and strengthening the country’s economic stability.
