Omar1984
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Saudi Arabian govt grants $172m for two uplift projects
Islamabad The Saudi Development Fund (SDF) has granted US $172 million for development of the infrastructure for Malakand region and import of urea fertilizers in Pakistan. Two separate agreements were signed here for the provision of the money.
The agreements for 645 million Saudi Riyals, equivalent to US $172 million were inked here in Islamabad. The host government was represented by Abdul Wajid Rana, Secretary, Economic Affairs Division and the Saudi Fund for Development was represented by Engineer Yousef Ibrahim AL - Bassam, Vice Chairman and Managing Director of the SDF.
According to the Saudi embassy the first agreement is a soft loan for 270 million Saudi Riyals, equivalent to US $72 Million allocated for financing reconstruction of Malakand region project. The project will play an important role to improve the roads in Malakand region and contribute in increasing the agricultural productivity and enhance the level of the education and health standard for the people in the region.
The second agreement is for the import of urea fertilizers facility. The facility will benefit the agriculture sector in Pakistan and promote the production and maximize farmers income since additional food production will have to come from yield increase through the use of fertilizers rather than using additional land. The amount of the financing to be provided under this signed agreement is 375 million Saudi Riyals, which is equivalent to about US $100 million.
The signing of the above two agreements reflects the Kingdom of Saudi Arabia commitment towards supporting the sincere and continued efforts of the government of Pakistan in promoting the wellbeing and economic prosperity of the people of Pakistan. It will also deepen the bilateral cooperation and enhance the good relations the two countries are enjoying.
Saudi ambassador in Pakistan Abdul Aziz Ibrahim bin Saleh Al-Ghadeer was also present in the agreements signing ceremony.
S Arabian govt grants $172m for two uplift projects
Islamabad The Saudi Development Fund (SDF) has granted US $172 million for development of the infrastructure for Malakand region and import of urea fertilizers in Pakistan. Two separate agreements were signed here for the provision of the money.
The agreements for 645 million Saudi Riyals, equivalent to US $172 million were inked here in Islamabad. The host government was represented by Abdul Wajid Rana, Secretary, Economic Affairs Division and the Saudi Fund for Development was represented by Engineer Yousef Ibrahim AL - Bassam, Vice Chairman and Managing Director of the SDF.
According to the Saudi embassy the first agreement is a soft loan for 270 million Saudi Riyals, equivalent to US $72 Million allocated for financing reconstruction of Malakand region project. The project will play an important role to improve the roads in Malakand region and contribute in increasing the agricultural productivity and enhance the level of the education and health standard for the people in the region.
The second agreement is for the import of urea fertilizers facility. The facility will benefit the agriculture sector in Pakistan and promote the production and maximize farmers income since additional food production will have to come from yield increase through the use of fertilizers rather than using additional land. The amount of the financing to be provided under this signed agreement is 375 million Saudi Riyals, which is equivalent to about US $100 million.
The signing of the above two agreements reflects the Kingdom of Saudi Arabia commitment towards supporting the sincere and continued efforts of the government of Pakistan in promoting the wellbeing and economic prosperity of the people of Pakistan. It will also deepen the bilateral cooperation and enhance the good relations the two countries are enjoying.
Saudi ambassador in Pakistan Abdul Aziz Ibrahim bin Saleh Al-Ghadeer was also present in the agreements signing ceremony.
S Arabian govt grants $172m for two uplift projects
