Saudi Arabia: Pledges $122m in Grants & Loan

ISLAMABAD: Saudi Arabia has recently announced that it will be providing $122 million in the financial assistance to Pakistan for the projects of development in the various fields.

The financing, by Saudi Arabia would be comprising of 5 grants of $67 million & a $55 million loan.

The vice-chairman and managing director of the Saudi Fund signed the agreements for the grants and loan here on Thursday for Development (SFD), Eng Yousaf Ibrahim Al-Bassam, Finance Minister Ishaq Dar and Secretary of the Economic Affairs Division Tariq Bajwa were also present at the signing ceremony.

The five grants of $67 million will be used for the construction of a Home Economics & Management Sciences College in Islamabad & houses & the government buildings will be made in various areas of the province of Baluchistan.

Grants are to be used for construction of college in Islamabad along with the government buildings in Baluchistan

The loan of $55m will be used for the creation of 2 tunnels at Chella Bandi-Patika Road near the area of Muzaffarabad, located in Azad Kashmir.

Speaking on the occasion, the Finance Minister, Mr. Ishaq Dar appreciated the assistance and aik of Saudi Arabia for the social sector development, and also including energy generation projects such as the project of Neelum-Jhelum Hydropower.

He stated that $20m would be used to set up a General Hospital in Islamabad, $6m for the Home Economic & Management College in the same city (Islama­bad), $25m for building houses in Baluchistan’s earthquake-affected areas of Awaran and finally $1m for restoration of livelihood in the province.

Eng Yousaf Ibrahim Al-Bassam claimed that Saudi Arabia have also joined hands with the agencies based in United Nation in order to mitigate the effects of the natural disasters such as earthquakes and floods in some areas of Pakistan. He also said that the initiative was also intended to help the internally displaced people.