Pakistan, Saudi Arabia sign agreement to finance oil derivatives worth $1 billion

ISLAMABAD, Jan 12 (APP): Pakistan and the Kingdom of Saudi Arabia (KSA) on Thursday signed an agreement to finance oil derivatives worth $1 billion.

The agreement was inked by Secretary Economic Affairs Dr Kazem Niaz, and Chief Executive Officer (CEO) of the Saudi Fund for Development Sultan bin Abdulrahman Al-Murshed, an Economic Affairs Ministry news release said.

Dr Kazem Niaz, on the occasion, said the step was an extension of previously signed agreements in 2019 and 2021 valued at $4.44 billion to finance oil derivatives in Pakistan.

Following directives from King Salman bin Abdulaziz Al Saud & HRH Mohammed bin Salman, #SFD CEO Mr. Sultan Al-Marshad, signed an agreement with Pakistan’s Secretary Ministry of Economic Affairs, Dr. Kazim Niaz, to finance oil derivatives worth USD 1 Billion to #Pakistan. pic.twitter.com/5NTg779gS9

— الصندوق السعودي للتنمية (@SaudiFund_Dev) January 12, 2023

Since its establishment, he said, the Saudi Fund for Development had supported more than 40 projects and programmes in different development sectors valued at approximately $1.4 billion.

All the programmes were aimed at helping the country achieve its sustainable development goals and build a prosperous future, he added.

Saudi Fund for Development CEO Sultan bin Abdulrahman Al-Murshed said the agreement emphasised the Kingdom of Saudi Arabia’s commitment to continue supporting the brotherly Islamic Republic of Pakistan.

The agreement also reflected the interest of “our leaders in supporting the Government of Pakistan to navigate economic challenges and build a sustainable economy”, he added.

“I am pleased to convey to you the greetings and wishes of the Government of Saudi Arabia for a continuous progress, growth, and prosperity in Pakistan.”