Pakistan and Saudi Arabia have agreed to operationalise the $1.2 billion Saudi oil facility at the earliest.
According to details, Ambassador of the Kingdom of Saudi Arabia in Islamabad Nawaf bin Saeed Al-Malkiy called on the Federal Minister for Economic Affairs Omar Ayub Khan on Thursday.
Both sides discussed ongoing development projects and new initiatives. The minister appreciated Saudi Arabia’s support in the priority development areas.
During the meeting, it was agreed to operationalize the Saudi oil facility at the earliest.
Earlier on November 29, 2021, a financing agreement worth $1.2 billion for import of petroleum products was signed between the Saudi Fund for Development (SFD) and Economic Affairs Division (EAD).
As per the financing agreement, the SFD will extend financing facilities up to $100 million per month for one year for purchase of petroleum products on deferred payment basis.
Remaining work on development projects in the earthquake affected areas of Azad Jammu & Kashmir (AJK) and Khyber Pakhtunkhwa (KP) was also discussed during the meeting.
Saudi Fund for Development (SFD) is providing financial assistance for various development projects in the areas of energy, health, education and infrastructure.
Most recently, the SFD has committed to provide financing for Mohmand Dam Project, Shounter Hydropower Project, Jagran-IV Hydropower Project, Gravity Flow Water Scheme Mansehra and Abbottabad-Muzaffarabad road.
The Saudi ambassador assured the Pakistani side of continued support to further strengthen bilateral economic cooperation between the two countries.
