Pak appreciates continued economic assistance of Saudi Arabia

Associated Press Service

ISLAMABAD : Pakistan holds Saudi Arabia in high esteem and we greatly appreciate the continued economic assistance extended to Pakistan.
This was stated by Senator Muhammad Ishaq Dar, Minister for Finance, Revenue, Economic Affairs and Statistics in a meeting with Ali S. Awadh Asseri, Ambassador of Saudi Arabia here in this afternoon.
Asseri assured Saudi Government’s full cooperation for the democratic government. He said Saudi Arabia wants to see stable, strong, prosperous and democratic Pakistan and would continue to enhance its cooperation at bilateral and multilateral level to promote brotherhood between the peoples of the two countries.
Senator Ishaq Dar appreciated one time Saudi oil facility of US $ 300 million to offset the impact of oil import bill due to the increase in international oil prices.
He added that Pakistan also appreciated Saudi pledge of US $ 573 million as assistance for earthquake.
Out of this amount US $ 133 million was grant for the development projects in earthquake affected areas.
The disbursement of grant is expected to start shortly. Apart from that the Saudi Government pledged a soft loan of US $ 187 million.
Out of which US $ 40 million have been allocated for the Golan Goal Hydro Power Project.
The remaining amount of US $ 147 million would be utilized for development projects in Balakot and Rawalakot cities to offset impact of earthquake.
The two sides expressed satisfaction over export credit facility of US $ 133 million. Under this facility, Pakistan ‘s imports urea fertilizer from Saudi Arabia .
In addition to that Saudi Government also offered a US $ 120 million relief assistance carried out through non-governmental relief agencies of Saudi Arabia .
Similarly, the assistance of establishment of Saudi Fund for Development (SFD) for providing concessional loans for infrastructure projects in social sector such as health, education and water supply in rural areas were also appreciated.
Under this facility Saudi Arabia has agreed to finance over ten projects amounting to US $ 473 million.
Out of this, projects worth US $ 286 million are on going project. The remaining projects are in the pipeline.
The major projects being financed under this facility include, Makran Coastal Highway , reconstruction of AJK University , Government hospitals, educational institutions and hospitals in AJK and NWFP.
The two sides also emphasized the role of private sector and their regular interaction through investment conferences and exchange of trade delegations to accelerate promotion of bilateral trade between the two countries and also to increase Saudi investment in Pakistan