ISLAMABAD, Jan 24 (APP):Pakistan on Thursday received US$ one billion from United Arab Emirates (UAE), State Bank of Pakistan
According to SBP tweet, the amount has been received under an agreement signed on Tuesday January 22 by
Governor State Bank of Pakistan, Tariq Bajwa and Director General of Abu Dhabi Fund for Development (ADFD), Mohammed Saif Al Suwaidi at ADFD Headquarters in Dobai.
The ADFD on Tuesday had formalized an amount of US$3 billion (AED11 billion) to SBP with an aim to support Pakistan’s economic growth and to achieve the long-term objectives of its monetary policy.
The decision to formalize the deposit was made under the directives of the Sheikh Khalifa bin Zayed Al Nahyan, President and Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
It is pertinent to mention here that to date, ADFD has provided AED1.5 billion to fund sustainable development projects in Pakistan spanning diverse sectors, including transport, water and agriculture, healthcare, and education.