February 18, 2019 (MLN): Chairman Board of Investment (BOI) Mr. Haroon Sharif has announced the signing of seven Memorandum of Understanding (MoU)’s between Pakistan and Saudi Arabia, adding that Saudi Arabia plans to make a long term investment of $10 billion in the country.
Moreover, they are to extend a short term financial assistance worth $7 billion.
It has been decided by means of these MoU’s that the refinery in Gwadar is to be installed in five years, and Saudi Arab will take part in the privatization of two power plants.
In addition to this, Saudi Arab will provide $3 billion worth of oil on defer payment, while Pakistan will get the oil facility of $250 million per month.
The two countries have signed 2 agreements in the private sector, while an agreement in the surgical sector in Sialkot has also been signed, under which Saudi Arab is to buy surgical equipment from Pakistan.
Along with this, the Saudi Chamber signed an MoU with a local educational institute under which it will open one of its branches in Riyadh.
