Cairo: Saudi Arabia’s Crown Prince and Prime Minister Mohammad bin Salman has directed to study increasing the kingdom’s investments in Pakistan to reach $10 billion, the Saudi official news agency SPA has reported, amid flourishing ties between the two countries.
The crown prince has also directed the Saudi Development Fund (SDF) to study increasing the amount of a $3 billion deposit previously provided by Saudi Arabia for the Central Bank of Pakistan to reach $5 billion, a gesture stressing the Kingdom’s stance supportive of Pakistan’s economy and its “brotherly” people, SPA added.
These moves came within the framework of existing communication between the Saudi Crown Prince and Pakistani Prime Minister Shehbaz Sharif, it said.
In April, Sharif made his first foreign visit to Saudi Arabia after taking his office.
He also visited the kingdom in October where he conferred with the Saudi crown prince and reviewed “historical relations” between the two countries and developing them in different fields, Saudi media reported.
Sharif was in Saudi Arabia to attend the sixth edition of the Future Investment Initiative Forum, an annual large business event hosted by Saudi Arabia.
Addressing the forum, the Pakistani premier appreciated aid offered by Saudi Arabia to his country in the aftermath of summer devastating floods.
Last month, Saudi Arabia extended the term of the $3 billion deposit it earlier offered to back up Pakistan’s foreign reserves.
The money was deposited in Pakistan’s central bank in 2021 as a loan.
The extension of the deposit came in continuation of the Saudi government’s support to Pakistan’s foreign reserves to confront economic fallout from COVID-19, SPA said in December.