PICTURE: RADIO PAKISTAN
ISLAMABAD: Pakistan and the Saudi Development Fund here on Monday inked 1.61 billion dollars worth of financing agreements.
A memorandum of understanding (MoU) was signed between Pakistan and Saudi Fund for Development in various fields in which Prime Minister Shahbaz Sharif, Finance Minister Muhammad Aurangzeb and Saudi Ambassador were present.
According to a memorandum of understanding, the Saudi Development Fund will facilitate the import of $1.2 billion worth of oil on a one-year deferred payment.
Loans at concessional rates of $41 million will also be provided for the water supply scheme in Mansehra.
Secretary Economic Affairs Dr Kazim Niaz and Chief Executive Officer Saudi Fund for Development Sultan Abdulrahman Al-Marshad signed the agreements.
