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.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, reported the Kuwaiti news agency KUNA.The Pakistani Prime Minister Nawaz Sharif said on the occasion that the large Pakistani community in Saudi Arabia serves as a bridge between the two countries and play a positive role in the development of Saudi Arabia as well as the Pakistani economy, through annual remittances of over $4 billion.