Islamabad, 3 February 2022 ( TDI): Saudi Arabia’s Ambassador, Nawaf bin Saeed Al-Malkiy to Pakistan called on the Federal Minister for Economic Affairs, Omar Ayub Khan. During the meeting, the two agreed on the operationalization of the Saudi Oil Facility as soon as possible.

The meeting was held on 3 February at the Federal Minister for Economic Affairs Omar Ayub Khan’s office in Islamabad. During the meeting matters of mutual interest were highlighted.

The ongoing development projects and the new and innovative initiatives were also talked about. Minister for Economic Affairs acknowledged the support given by Saudi Arabia.

He expressed his appreciation for Saudi Arabia especially for the role it played in the development of priority areas. The ongoing development projects and their remaining parts in the earthquake-affected areas were also talked about.

To be more particular the areas of Azad Jammu and Kashmir (AJK) and Khyber Pakhtun Khwa (KPK) were discussed.

Previous year’s Finance Agreement worth $1.2 billion

On 29 November 2021, a finance agreement was signed between the two countries. The agreement was precisely between the Saudi Fund for Development (SFD) and the Economic Affairs Division (EAD) Pakistan.

The purpose of the before-mentioned agreement was to boost the import of petrol products. Additionally, according to the same agreement, the Saudi Fund for Development (SFD) is to extend the facility of financing. The facility is to be raised to up to $100 million per month. This duration will be of one year.

Saudi Fund for Development further details

Financial aid is being provided in various other domains in the name of the Saudi Fund for Development abbreviated as SFD. The domains include Energy, Health, Education, Infrastructure, etc.

Recently, SFD also made a commitment to provide monetary aid for the Mohmand Dam project. Lastly, in today’s meeting, the Saudi Ambassador assured Saudi’s continuous support to Pakistan. He underscored that bilateral relations would further deepen by such collaborations.