EAD, SFD sign grant/loan agreements

ISLAMABAD: Saudi Fund for Development (SFD) and Economic Affairs Division signed six Grant/ Loan Agreements, worth US$ 122 Million, at the Ministry of Finance. Finance Minister, Senator Mohammad Ishaq Dar witnessed the signing ceremony.

SFD was represented by a high level delegation comprising of SFD Vice Chairman / MD Mr. Yousef Ibrahim Albassam, Mr. Muhammad A. Aljenaidel, Director General, Legal Department and Mr. Rabi Alsadoun, Director, Public Relation Department.

Eng. Yousaf Ibrahim Al-Bassam, Vice Chairman/Managing Director, SFD and Mr. Tariq Bajwa, Secretary, Economic  Affairs Division were the signatories on behalf of their respective governments.

Five grant agreements to the tune of Saudi Riyal 2,625,000 (equ. to US$ 67 Million ) for Construction of Home Economics and Management Sciences College at Islamabad, Construction of Islamabad General Hospital, Reconstruction of permanent  houses in Baluchistan, Construction of Government  Buildings in Baluchistan and Livelihood Restoration in Baluchistan and a loan agreement amounting to Saudi Riyal 206,250,000  (equivalent to US$ 55 Million) for construction of two tunnels at Chella Bandi – Patika Road, Muzaffarabad, AJK were signed.

Vice Chairman SFD Mr. Yousef Ibrahim Albassam on the occasion said the Kingdom of Saudi Arabia has always held its relations with the brotherly Islamic Country Pakistan in high esteem. He said the signing of the above projects would deepen the bilateral cooperation and further promote the good relations the two countries are already enjoying. He added that the Saudi Arabia has also joined hands with other development partners to overcome the natural disasters such as floods and earthquake in some areas in Pakistan, aiming to help the internally displaced persons and to strengthen the humanitarian response.

Finance Minister, Senator Muhammad Ishaq Dar welcomed signing of the agreements and said that Saudi Arabia has always been Pakistan’s great friend and supporter and extended assistance for different development projects. He said government and people ofPakistan present their gratitude to King Salman bin Abdulaziz Al Saud, Custodian of the Holy Mosques, government and people of Saudi Arabia for their continued help and support. Referring to the agreements signed, he said the generous grant / support of SFD for different projects would go a long way towards development in Baluchistan as well as for provision of quality health and educational facilities in Islamabad Capital Territory. The Minister specially lauded Saudi cooperation in the energy sector. Staff Report