| 10 Nov 2009 |
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Saudi Fund For Development loans $380 Million to Pakistan
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Islamabad -- A delegation from the Saudi Fund for Development (SFD)Saudi Fund for Development (SFD)
arrived here today to sign three agreements with the Pakistani government granting loans worth $380 million, including $ 200 million in budget support for the Pakistani government and $ 100 million to secure fertilizers from the Kingdom-based company "SABIC" for agricultural usage, in addition to $ 80 million to finance the Neelum Jhelum Hydropower project, said Dr.Yousuf Al Bassam, SFD"s Vice president and Managing director who is leading the delegation.During the visit, a Memorandum of Understanding (MoU) will be signed with the United Nations representative in Pakistan for the disbursement of $100 Million grant announced by the Kingdom of Saudi Arabia to support internally displaced people of northern areas in Pakistan through the humanitarian organizations of the United Nations.
In a similar statement to the Saudi Press Agency (SPA), Abdulaziz Al Ghadeer, the Saudi Ambassador to Pakistan who received SFD delegation at Islamabad International Airport said that these agreements come in line with the directive of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud in the context of financial support provided by Saudi Arabia to the brotherly people of Pakistan, noting that it represents an extension of Saudi Arabian support to Pakistan.
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