Saudi Arabia to Provide $500m Loan to Pakistan For Several Development Projects

Saudi Arabia to Provide $500m Loan to Pakistan For Several Development Projects

Saudi Arabia has decided to provide a $500 million (more than Rs 75.5 billion) loan to Pakistan to help Pakistan develop several hydropower and infrastructure projects.

According to the President of the Chamber of Commerce and Industry of the South Asian Association for Regional Cooperation (SAARC), Iftikhar Ali Malik, meeting a delegation of women entrepreneurs will also facilitate the development of water resources in Pakistan.

Also Read: Senior Saudi officials to visit Pakistan after Eid al-Fitr: Foreign Minister

Malik claimed one of the seven Memoranda of Understanding (MoU) signed between Pakistan and Saudi Arabia focused on funding energy, infrastructure, water, transportation, and communications projects in Pakistan.

He added that this funding will enable Pakistan to recruit ten million workers from across the country over the next decade, in line with Saudi Arabia’s 2030 vision.

He also stated that this will create job opportunities for Pakistanis and pave the way for increased foreign exchange income.

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Malik stressed that the Pakistani private sector must take advantage of Prime Minister Imran Khan’s visit to Saudi Arabia and the help and opportunities that Saudi Arabia offers.

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