Islamabad, Feb 3: A significant meeting took place today between Prime Minister Shahbaz Sharif and a delegation from the Saudi Fund for Development (SFD), led by CEO Sultan bin Abdul Rahman Al-Marshad. During the meeting, Prime Minister Sharif witnessed the signing of an Oil Import Financing Facility agreement worth $1.2 billion, which aims to ease Pakistan’s fiscal challenges by securing a stable supply of oil on deferred payment for one year.
The prime minister welcomed the SFD delegation, acknowledging the strong, long-standing relationship between Saudi Arabia and Pakistan. He commended the SFD’s contributions across multiple sectors, including health, energy, education, and infrastructure. He also highlighted the critical role of the SFD’s support in Pakistan’s recovery efforts following the devastating 2022 floods.
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CEO Sultan bin Abdul Rahman Al-Marshad updated the prime minister on ongoing projects funded by the SFD, including the Mohmand Multi-purpose Hydropower Project, Golan Gol Hydropower Project, and the Malakand Regional Development Project. These projects, along with other Saudi-funded initiatives, are vital in supporting Pakistan’s infrastructure and energy needs.
Prime Minister Sharif emphasized the importance of accelerating the implementation of new projects in green energy and infrastructure, which are essential for Pakistan’s economic revival. These initiatives will not only bolster Pakistan’s economy but also serve the local communities, enhancing their quality of life. The SFD CEO assured the prime minister of the kingdom’s continued support and commitment to Pakistan under the leadership of the Saudi Royal Family.
Additionally, the agreements included the signing of a loan for the Gravity Flow Water Supply Scheme in Mansehra, Khyber Pakhtunkhwa, valued at $41 million. This project is set to provide clean drinking water to over 150,000 people, with plans to meet the demand of more than 200,000 individuals by 2040. This will significantly improve public health and the living standards of the local population.
The signing of these agreements marks a further strengthening of the bilateral ties between Pakistan and Saudi Arabia, and represents crucial support for Pakistan’s development and stability in various key sectors.
