Saudi Fund: Financing new projects in Pakistan

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  1. Ali.009

    Ali.009 FULL MEMBER

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    ISLAMABAD: The development fund of Kingdom of Saudi Arabia has initiated a study on financing new viable developmental projects in Pakistan. The Saudi Development Fund has also dispatched its delegations to Pakistan for the follow up progress on projects, says a Saudi embassy press release issued here.

    The Kingdom of Saudi Arabia is always keen to extend all avenues of help and assistance to the brotherly Islamic Republic of Pakistan in various fields,” the statement said.

    The embassy also issued an update of the important assistance provided recently by the Saudi Arabia to Pakistan in several fields.

    The Saudi government donated US$ 133 million for the reconstruction of quake affected regions, construction of government buildings, official residences, health units, educational amenities, rehabilitation of a college, hospital and construction of a University in Azad Kashmir.

    At the initial stage, the construction of a hospital in Mansehra city at a cost of Saudi Riyals 27 million, a university in Muzaffarabad at a cost of Saudi Riyals 195 million, Governmental complex in Rawalakot at a cost of Saudi Riyals 82 millions, a hospital and Ayub Medical College at a cost of Saudi Riyals 30 million, besides a number of male and female colleges in different regions as well as construction of 14 health units and centers at a cost of Saudi Riyals 8 million, were finalized.

    The people of Saudi Arabia, represented by the Saudi Public Assistance Committee, donated US $120 million, earmarked to the construction of (8000) residential units, 4,000 of which are handed over to the beneficiaries and the work is in progress for completing the construction of remaining units.

    Saudi Development Fund provided US$ 40 million loan for execution of power generation project, in the north of Gulingol. US$ 80 million loan agreement was signed between the Saudi Development Fund and the government of Pakistan as contribution for building power generation plant at Neelum Jhelum.

    A US$ 100 million loan agreement was signed between the Saudi Development Fund and the government of Pakistan for financing Saudi fertilizer exports to Pakistan. Saudi Arabia supported the State Bank of Pakistan through a deposit of US$ 200 million.

    Discussions are in progress for provision of US$ 100 million grant through the offices of United Nations in Pakistan for the assistance of internally displaced people from the northern regions of Pakistan.

    The Kingdom of Saudi Arabia provided a donation of US$ 733,969 for two projects run by the United Nation’s program for assistance of the earthquake victims in Pakistan, one for repair of the roads and the other for provision of building material to the destroyed houses.

    In 2009, the Kingdom provided 600 tons of relief goods comprising (rood items, tents and blankets) to the internally displaced people in the Swat valley. Saudi Fund to finance new projects in Pakistan
    Pakistan Times Business & Commerce Desk

    The Kingdom of Saudi Arabia provided 150 tons of dates as food assistance.