Islamabad: King Salman bin Abdulaziz has directed Saudi government to invest $ 1 billion in Pakistan as a confirmation of kingdom’s “support of Pakistani economy and Pakistani people”, a report from Saudi Press Agency (SPA) said.

It stated that development came during a phone call between  Saudi Foreign Minister Prince Faisal Bin Farhan Al Saud and Foreign Minister Bilawal Bhutto Zardari wherein latter was informed about directive.

FM Bilawal tweeted earlier about interaction and welcomed investment commitment. He also said he had briefed his Saudi counterpart on flood situation in Pakistan. SPA report said that two leaders also discussed “strong Saudi-Pakistani relations and ways to boost them, as well as regional and international issues of common interest”. “Pakistan will get $ 2 billion from Qatar, $ 1 billion from Saudi Arabia under umbrella of deferred oil facility and $ 1 billion investments from UAE in various sectors,” he had said. He had added that available financing against this is estimated at $ 37 billion for FY23. Amount increased after Pakistan secured $ 4 billion of financing from friendly countries.

Published in The Daily National Courier, August, 26 2022

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.