Cairo: Saudi Crown Prince and Prime Minister Mohammad bin Salman has ordered the kingdom’s investment in Pakistan to expand to $10 billion, official Saudi news firm SPA reported, amid burgeoning ties between the two countries.
The crown prince also tasked the Saudi Development Fund (SDF) with examining the expansion of the amount of a $3 billion deposit provided in the past through Saudi Arabia to the Central Bank of Pakistan to $5 billion, a move that underscores the Kingdom’s stance in favor of Pakistan’s economy. and its “fraternal” people. He added SPA.
The measures stemmed from an existing communication between the Saudi crown prince and Pakistani Prime Minister Shehbaz Sharif, he said.
In April, Sharif made his first foreigner in Saudi Arabia after taking office.
He also visited the kingdom in October, where he held talks with the Saudi crown prince and reviewed the “historic relations” between the two countries and evolved them in other fields, Saudi media reported.
Sharif in Saudi Arabia to attend the sixth edition of the Future Investment Initiative Forum, a major annual event organized in Saudi Arabia.
Addressing the forum, the Pakistani prime minister thanked Saudi Arabia after the devastating summer floods.
Last month, Saudi Arabia extended the duration of the $3 billion deposit it had submitted in the past to safeguard Pakistan’s foreign exchange reserves.
Cash deposited with the Central Bank of Pakistan in 2021 in the form of a loan.
The extension of the deposit is in line with the Saudi government for Pakistan’s foreign exchange reserves to deal with the economic fallout from COVID-19, SPA said in December.
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