The 88th Board of Directors meeting of Saudi-Pak Industrial and Agricultural Investment Company (Pvt) Limited on Saturday approved total financing of Rs 815 million for 12 companies in manufacturing, financing, construction, communication, services, sugar and energy sectors.
The financing will facilitate expansion of existing production facilities and creation of additional capabilities.
The projects to be financed by Saudi-Pak will generate new employment opportunities and add value to gross domestic product.
Dr Abdullah T Al-Thenayan, Director General of Arab company for livestock development, said that since its inception Saudi Pak has provided financing facilities of Rs 21,356.786 million which included direct equity investment of Rs 2,080.078 million, and term financing of Rs 19,276.708 million.
In addition, the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs 2,476.217 million.
Saudi-Pak, a joint venture of Saudi Arabia and Pakistan is playing an important role in promoting brotherly relations between the peoples of Pakistan and Saudi Arabia.
It is committed to accelerate industrial development in private sector. Its financing is spread over all the key economic sectors including chemical, engineering, textile, cement, petroleum and communication etc. The projects financed by Saudi Pak are located throughout the country.
The paid up capital of the company is Rs 2 billion held in equal proportion by the Government of Saudi Arabia and Government of Pakistan.
The Board expressed satisfaction over the role performed by Saudi Pak in promoting growth of industrial sector in Pakistan.
Comments
Comments are closed.