Riyadh commits $500m loan to Pakistan

Funding will help develop infrastructure, hydropower projects


APP May 12, 2021
Prime Minister Imran Khan was given a warm reception by Saudi Crown Prince Mohammad bin Salman upon his arrival at King Abdulaziz International Airport of Jeddah. PHOTO: PMO

LAHORE:

Saudi Arabia’s commitment to providing funds worth $500 million (Rs75.5 billion) will help develop infrastructure, hydropower projects and water resources in Pakistan.

During a meeting with a delegation of women entrepreneurs, led by Dr Ayesha Tahir, Saarc Chamber of Commerce and Industry President Iftikhar Ali Malik highlighted that under one of the seven MoUs signed between the two countries, Saudi Arabia would finance energy, infrastructure, water, transportation and communication projects in Pakistan.

READ Bilawal asks PM Imran to 'reveal reasons' for repaying $3b to Saudi Arabia

He said as a result of successful visit of Prime Minister Imran Khan, Saudi Arabia had decided to allocate a major chunk for hiring 10 million workers from Pakistan over the next 10 years in light of Saudi Arabia’s Vision 2030.

This, he added, would help provide ample job opportunities for Pakistanis besides earning foreign exchange. Malik added that the decision was a major breakthrough for the Pakistani youth. Malik emphasised that the private sector of Pakistan should take benefit of PM Khan’s visit and capitalise on all the opportunities offered to Pakistan.

Published in The Express Tribune, May 12th, 2021.

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