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Monday, September 25, 2023
HomeWorldSaudi Arabia to invest USD 1 billion in cash-strapped Pakistan

Saudi Arabia to invest USD 1 billion in cash-strapped Pakistan

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Saudi Arabia has announced a USD 1 billion investment in cashstrapped Pakistan which is currently in a state of both economic and political upheaval. 

This development came during a phone call between Saudi Foreign Minister Prince Faisal bin Farhan bin Abdullah, and his Pakistani counterpart Bilawal Bhutto Zardari, where he informed him of the Saudi King’s directive, in addition to discussing SaudiPakistani ties, as well as the regional and international issues. 

“The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, issued a directive to invest USD 1 billion in Pakistan, in confirmation of the Kingdom’s support of the Pakistani economy and the Pakistani people,” Saudi Press Agency (SPA) said on Thursday. 

The Pakistan foreign minister welcomed the kingdom’s USD 1 billion investment in Pakistan. “Pleased to have a conversation with HH FM Faisal bin Farhan. Recalling fraternal bilateral ties, welcomed KSA commitment of USD 1 billion investment. in Pakistan. 

Briefed my counterpart on damages caused by unprecedented floods, highly value solidarity expressed and KSAs all possible assistance,” Bilawal Bhutto said in a tweet.

This announcement regarding the fresh investment comes days after the State Bank of Pakistan informed about USD 4bn in financing for Pakistan from friendly countries.

“Pakistan will get USD 2 billion from Qatar, USD 1 billion from Saudi Arabia under the umbrella of deferred oil facility and USD 1bn investments from the UAE in various sectors,” Dawn quoted State Bank of Pakistan Acting Governor Murtaza Syed as saying.

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