Pakistan and Saudi Arabia on Monday signed two agreements worth US$1.61 billion to strengthen bilateral economic cooperation further.
The signing ceremony between Pakistan and the Saudi Fund for Development (SFD) was witnessed Prime Minister (PM) Shehbaz Sharif and Sultan Abdulrahman Al-Marshad, the SFD’s CEO.
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According to state-run news agency APP, the agreements included a concessional credit deal for the building of a gravity-flow water scheme at Mansehra totaling $41 million and a one-year deferred payment for oil imports to Pakistan by the Kingdom of Saudi Arabia worth $1.20 billion.
Secretary Economic Affairs Division Dr. Kazim Niaz and CEO SDF Sultan Bin Abdul Rehman Al Marshad signed the agreements on behalf of their respective governments.
The signing ceremony was also attended by Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, federal ministers, Ambassador of the Kingdom of Saudi Arabia in Pakistan Nawaf bin Said Al-Malki and relevant authorities.
