Pakistan, Saudi Arabia sign $183m credit facility agreements

Saudi Arabia will provide a total of around USD 183 million to Pakistan for the export of urea fertilizer and the construction of a hydro-power project in Pakistan's northern Chitral, after two agreements were signed on the tasks on Monday. The signing ceremony held at Prime Minister Nawaz Sharif's home in Islamabad had been observed by himself and the visiting Saudi Crown Prince and Defense Minister Prince Salman bin Abdulaziz Al-Saud, read a Pakistani official press release. Under the first agreement, Saudi Arabia will provide credit facilities of USD 125 million for the export of urea fertilizer to Pakistan, with the second, witnessing Saudi Arabia providing an additional loan of USD 57.8 million for the construction of a 106 Megawatts hydropower project on River Mastuj in Chitral, Pakistan. Vice Chairman and Managing Director of the Saudi Development Fund, Yousef Bin Ibrahim Al-Bassam and Pakistan's Secretary of Economic Affairs Nargis Sethi signed the agreements on behalf of their respective countries. Prince Salman, who had earlier met with Sharif, expressed his desire to further strengthen bilateral relations in various fields, for the promotion of cooperation between the two Muslim nations, and for the sake of international peace and stability. According to the press release, the senior officials of the two countries remained at the premises for some time, during which they discussed matters relating to mutual interests. Emphasising on their talks, the Prime Minister said that "Pakistan and Saudi Arabia had brotherly relations and had similar views on regional as well as international matters," adding that Pakistan supports the efforts of Saudi Arabia aimed at strengthening unity among Islamic countries. Pakistan holds Saudi Arabia in high esteem and the relations between the peoples of both countries are more than fraternal, he added. Sharif went on to note to the large Pakistani community in Saudi Arabia, which he said, serve as a bridge between the two brotherly countries and play a positive role in the development of Saudi Arabia as well as the Pakistani economy, through annual remittances of over USD four billion. Later, the Prime Minister hosted a dinner in honor of the visiting dignitary and his delegation.