News Desk
ISLAMABAD: Pakistan and Saudi Arabia on Thursday signed an agreement to finance oil derivatives worth 1 billion US dollars.
The agreement was signed by Dr Kazem Niaz, Secretary Economic Affairs and Sultan bin Abdulrahman Al-Murshed, Chief Executive Officer (CEO) of the Saudi Fund for Development, Economic Affairs Ministry said in a statement.
Extension of old agreements
Dr Kazeem Niaz said that the step was an extension of agreements previously signed in 2019 and 2021 worth 4.44 billion dollars to finance oil derivatives in Pakistan.
He said that the Saudi Fund for Development, since its establishment, has supported over 40 projects and programs in different development sectors worth nearly 1.4 billion dollars.
He added that the programs were aimed at supporting the country achieve its sustainable development goals and build a bright future.
On the occasion, Sultan bin Abdulrahman Al-Murshed said that the agreement emphasized the Saudi commitment to continue supporting the brotherly Islamic Republic of Pakistan.
He said that it also reflected the interest of the Saudi leaders in helping the government of Pakistan to navigate economic challenges and build a sustainable economy.
