UAE to deposit Dh11 billion in State Bank of Pakistan

ABU DHABI: The United Arab Emirates has announced its intention to deposit $3 billion (Dh11 billion) in the State Bank of Pakistan to support the financial and monetary policy of the Islamic Republic of Pakistan.

The Abu Dhabi Fund for Development said, in a statement today, that it will deposit the said amount in the coming days to enhance liquidity and monetary reserves of foreign currency at the Bank.

Pakistan is one of the first countries to establish diplomatic relations with the United Arab Emirates. The country's support for Pakistan's fiscal policy is based on the historical ties between the two peoples and the two friendly countries and the desire to further develop the bilateral cooperation in all fields.

The Abu Dhabi Fund for Development has financed eight development projects in Pakistan with a total value of Dh1.5 billion, including Dh931 million in grants. The funds covered projects in sectors such as energy, health, education and roads.