Riyadh, 26 August 2022 (TDI): The King of Saudi Arabia, Salman Bin Abdul Aziz has issued a directive for an investment of $1 billion in Pakistan as a sign of the kingdom’s support for Pakistan’s economy and its people.
The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, has issued a directive to invest one billion dollars in Pakistan to support Pakistan economy and its people. https://t.co/DuOyMof5yn
— Radio Pakistan (@RadioPakistan) August 26, 2022
Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan informed about the King’s directive to his Pakistani counterpart Bilawal Bhutto Zardari, during a telephonic conversation.
Apart from this, the methods to enhance Pakistani-Saudi relations were also discussed during a telephonic call between the Foreign Ministers of the two countries. Moreover, they also discussed issues of mutual interests.
Foreign Minister of Pakistan, Bilawal Bhutto, on his Twitter handle, welcomed the $1 Billion investment by Saudi Arabia and expressed gratitude for all the assistance provided by the Kingdom to Pakistan.
Pleased to have conversation with HH FM @FaisalbinFarhan. Recalling fraternal bilat. ties, welcomed KSA commitment of $1 billion invest. in Pakistan. Briefed my counterpart on damages caused by unprecedented floods, highly value solidarity expressed & KSAs all possible assistance
— BilawalBhuttoZardari (@BBhuttoZardari) August 25, 2022
Also Read: China provides assistance to Pakistan following floods
Relations between Pakistan and Saudi Arabia
Pakistan since its independence has cultivated cordial relations with Saudi Arabia. The foundation of the two states is based on Shared Islamic principles. In 1951, the two countries signed a Treaty of Friendship, which laid the basis for mutual cooperation.
Saudi Arabia has provided financial assistance to Pakistan several times to help boost the country’s economy. In recent years, the Kingdom has given three loans totaling US$80 million towards the development of the Neelum-Jhelum Hydropower Plant.
Further, it has granted a deposit of US$200 million to the State Bank of Pakistan, and US$200 million to the country to support the purchase of urea fertilizers. Apart from this, there has been frequent exchange of visits between the state officials.
Moreover, Saudi Arabia is home to more than 2 million Pakistani people who work there and contribute to the economic development of both countries.
