The 87th Board of Director meeting of Saudi Pak Industrial and Agricultural Investment Company Limited was held here on Friday under the chairmanship of Dr Abdullah T Al-Thenayan, who is also the Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.
The Board approved a total financing of Rs 2,176 million to 30 companies in manufacturing, financial, construction, communication, services and energy sectors.
Bulk of the approved financing is for long term purposes. The financing will facilitate expansion of existing production facilities and creation of additional capacities.
The projects financed by Saudi Pak will generate new employment opportunities and add value to gross domestic product.
Since inception Saudi Pak has provided financing facilities of Rs 20,823.786 million, which includes direct equity investment of Rs 1,950.078 million, and term financing of Rs 18,713.708 million.
In addition the underwriting of public issue of shares and guarantees has also been provided for a total amount of Rs 2,476.217 million.
Saudi Pak, a joint venture of Kingdom of Saudi Arabia and Pakistan, is playing an important role in promoting brotherly relations between the people of both countries.
It is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to Industrial projects sponsored by private sector.
Its financing is spread over all the key economic sectors including chemicals, engineering, textile, cement, petroleum and communications 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 Governments of Kingdom of Saudi Arabia and Pakistan.
The Board expressed satisfaction over the role performed by Saudi Pak in promoting growth of industrial sector in Pakistan.