January 12, 2023 (MLN): Saudi Fund for Development (SFD) has signed an agreement with Pakistan worth $1 billion to Finance Oil Derivatives, a press release issued by Economic Affairs Division on Thursday showed.
The Chief executive Officer (CEO) of the Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, and the Secretary Ministry of Economic Affairs in Pakistan, Dr. Kazim Niaz signed an agreement in Islamabad on Thursday.
Aimed at supporting Pakistan's economy, sector growth, and navigating economic challenges, the strategic agreement signed today comes as a continuation of the support provided by the government of Saudi Arabia to the brotherly country Pakistan to build a sustainable economy.
In 2019 and 2021, the SFD signed agreements to finance oil derivatives with a value of $4.44bn.
The agreement marks the latest steps taken by the government of Saudi Arabia through the SFD and the Pakistani authorities to enhance development in the country.
Since the Fund's establishment, the SFD has supported more than 40 projects and programs in different development sectors valued approximately at $1.4bn to finance Pakistan's energy, water, transportation, and infrastructure projects.
