Pakistan will receive oil on deffered payment for one year totalling US $ 1.20 billion.
ISLAMABAD: A delegation from the Saudi Fund for Development (SFD), headed by its Chief Executive Officer, Mr. Sultan Bin Abdul Rehman Al Marshad, met with Prime Minister Muhammad Shehbaz Sharif today.
The Prime Minister warmly welcomed the delegation, acknowledging the enduring friendship between the Kingdom of Saudi Arabia and Pakistan. He expressed gratitude for SFD’s financial support in sectors such as Health, Energy, Infrastructure, and Education, as well as their assistance in the post-2022 flood reconstruction efforts. The SFD CEO thanked the Prime Minister and the Government of Pakistan for their gracious hospitality extended to the Saudi team.PM Shehbaz and Saudi Investment Leaders Discuss Economic Progress
During the meeting, the SFD CEO updated the Prime Minister on the progress of various ongoing projects, including the Mohmand Multi-purpose Hydropower Project, Golan Gol Hydropower Project, Malakand Regional Development Project, and other initiatives funded through Saudi grants.
The Prime Minister appreciated SFD’s continuous support and emphasized the importance of accelerating the approval and processing of new projects shared with SFD, particularly in green energy and infrastructure. He highlighted that the successful implementation of these projects would significantly contribute to Pakistan’s economic recovery while benefiting local communities.
Mr. Al Marshad assured the Prime Minister of the swift processing of these proposed projects and reaffirmed that the Kingdom of Saudi Arabia, under the leadership of the Royal Family, remains committed to offering full support and cooperation to Pakistan. The Prime Minister expressed his gratitude to the SFD CEO and delegation members, extending his best wishes to the Royal Family, particularly King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, and Crown Prince and Prime Minister Mohammed bin Salman.
The meeting was also attended by Deputy Prime Minister Ishaq Dar, Minister for Economic Affairs Ahad Khan Cheema, Finance Minister Muhammad Aurangzeb, Information & Broadcasting Minister Ataullah Tarar, Petroleum Minister Dr. Musaddiq Malik, and Special Assistant to the Prime Minister Tariq Fatemi, along with senior government officials. The Saudi Ambassador to Pakistan, H.E. Nawaf bin Said Al-Malki, accompanied the four-member Saudi delegation.
The Prime Minister also witnessed the signing of two significant agreements: the Oil Import Financing Facility and a loan agreement for the Gravity Flow Water Supply Scheme in Mansehra, Khyber Pakhtunkhwa. Secretary of Economic Affairs Division Dr. Kazim Niaz and SFD CEO H.E. Sultan Bin Abdul Rehman Al Marshad signed the agreements on behalf of their respective governments.
The Prime Minister welcomed the Oil Import Financing Facility, which will allow Pakistan to import oil on a deferred payment basis for one year, amounting to US $1.20 billion.
This initiative aims to bolster Pakistan’s economic stability by ensuring a steady supply of petroleum products while easing immediate fiscal pressures.
Additionally, SFD will provide US $41 million for the Gravity Flow Water Supply Scheme in Mansehra, which will enhance access to clean drinking water for 150,000 residents. The project is designed to meet the region’s water needs through 2040, benefiting up to 201,249 people and significantly improving public health and quality of life.
