Saudi Arabia plans to boost its investments in Pakistan to $10 billion, state-owned SPA reported, citing a directive by Crown Prince and Prime Minster Mohammed bin Salman.

The crown prince also directed the Saudi Fund for Development (SFD) to study increasing the deposit amount with the State Bank of Pakistan to $5 billion.

In December 2022, the Kingdom extended the term of a $3 billion deposit with Pakistan’s central bank.

The deposit was aimed at shoring up the South Asian nation’s foreign reserves to confront the economic repercussions in the aftermath of Covid-19.

(Editing by Seban Scaria seban.scaria@lseg.com)