ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed two agreements worth US$ 172 million (Riyal 645 million) soft term loans for construction of infrastructure for Malakand region and import of Urea fertilizer in Pakistan.
Agreements to this effect were signed here at Economic Affairs Division (EAD) by Abdul Wajid Raja Secretary, Economic Affairs Division, and the Saudi Fund for Development, represented by Eng.
Yousef Ibrahim Al-Bassam, Vice Chairman and Managing Director.
Ambassador of Saudi Arabia to Pakistan, Abdul Aziz Alghadeer and senior officials of the government of Pakistan were also present on the occasion.
According to details, the first agreement is a soft loan worth US$ 72 million (Riyal 270 Million) allocated for financing Reconstruction of Malakand Region Project.
The project is aimed to improve roads in Malakand region and contribute to increasing agricultural productivity and enhancing the level of education and health standards for people in this region of the country.
The second agreement is for the import of Urea Fertilizers that will benefit the agriculture sector by enhancing production and maximize farmers income.
The agreement will also help produce additional food by enhancing the yield of existing under cultivation land rather than bringing additional land under cultivation.
The amount of financing to be provided under this signed agreement is US$ 100 million (Riyal 275 million).
Eng. Yousef Ibrahim Al-Bassam on the occasion mentioned to the commitment of Saudi government reflected in these agreements, towards supporting the sincere and continued efforts of the Pakistan government in promoting the well being and economic prosperity of its people.
He added that it will also deepen the bilateral cooperation and enhance the good relations the two countries are enjoying.
Speaking on the occasion, Secretary EAD, Abdul Wajid Rana thanked Government of Saudi Arabia and Saudi Fund for Development for their support to Pakistan for its development.
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