A significant Saudi investment delegation has arrived in Pakistan today. They aim to sign agreements worth $2 billion with the federal government.
During this two-day visit, the Saudi delegation will oversee several memorandums of understanding (MOUs). They will also engage in business-to-business meetings with local stakeholders. The delegation includes representatives from diverse sectors such as construction, engineering, financial services, IT, hospitality, agriculture, food, energy, and petroleum.
Minister Al-Falih will address a business forum in Islamabad. He will also hold discussions with senior leaders from Pakistan’s private sector. Prime Minister Shehbaz Sharif recently stated that Pakistan expects to finalize these agreements with Saudi Arabia across various sectors.
In addition to the agreements, the Pakistani administration has secured foreign loans totaling $3.2 billion. This includes a $1.2 billion Saudi Oil Facility commitment for the next year. The loan pledges also consist of $1 billion from Dubai Islamic Bank, $600 million from Standard Chartered Bank, and about $430 million from the Islamic Development Bank’s trade finance facility.
This development follows the approval of a new $7 billion loan program by the International Monetary Fund (IMF) last month. Pakistan has already received the first tranche of this loan, amounting to $1.03 billion.
