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Saudi Arabia to give $122m aid to Pakistan

Islamabad - Five grant agreements to the tune of Saudi Riyal 2,625,000 ($67 million) for construction of various projects.

The Saudi Fund Development (SFD) on Thursday signed six agreements with Pakistan for providing $122 million (over Rs12b) for various sectors.
According to an official announcement here, the SFD and Pakistan's Economic Affairs Division (EAD) signed six grant/loan agreements worth $122 million.
The SFD was represented by a high-level delegation comprising SFD Vice Chairman/MD Yousef Ibrahim Albassam, Mohammed A Aljenaidel, Director General Legal Department, and Rabi Alsadoun, Director Public Relations Department.
Eng Yousaf Ibrahim Al Bassam, Vice Chairman/Managing Director SFD, and Tariq Bajwa, Secretary Economic Affairs Division, were the signatories on behalf of respective governments.
Minister for Finance Ishaq Dar witnessed the ceremony. He welcomed the signing of agreements and said government and people of Pakistan were grateful to the Saudi government and people for their continued support.
Five grant agreements to the tune of Saudi Riyal 2,625,000 ($67 million) for construction of Home Economics and Management Sciences College at Islamabad, construction of Islamabad General Hospital, reconstruction of permanent houses for earthquake-affected areas of Balochistan, construction of government buildings in Balochistan and livelihood restoration in Balochistan and a loan agreement amounting to Saudi Riyal 206,250,000 ($55 million) for construction of two tunnels at Chella Bandi-Patika Road, Muzaffarabad, have been signed.
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