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Saudi Arabia, Pakistan sign USD 1 bln agreement to finance oil derivatives

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RIYADH, Jan 12: The CEO of the Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, and the Undersecretary of the Ministry of Economic Affairs in Pakistan, Dr. Kazim Niaz, have signed an agreement Thursday to finance oil derivatives worth USD 1 billion to Pakistan. The agreement aimed at supporting Pakistan’s economy, sector growth, and navigating economic challenges and it comes as a continuation of the support provided by the Government of Saudi Arabia to Pakistan to build a sustainable economy, said Saudi Press Agency (SPA). Since the Fund’s establishment, the SFD has supported more than 40 projects and programs in different development sectors valued approximately at USD 1.4 billion to finance Pakistan’s energy, water, transportation, and infrastructure projects. (KUNA)

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