Saudi investments in Pakistan to increase to over $10 Billion
Saudi Arabia is to increase its
investments in Pakistan to over $10 billion after Crown Prince Mohammed bin
Salman directed to explore boosting the kingdom’s assistance and investments in
the South Asian country.
According to
a report of Saudi Press Agency, the Saudi Fund for Development will carry out a
study on increasing the deposit in State Bank of Pakistan (SBP) to $5 billion
from $3 billion.
It will also
assess the plan to increase investments in Pakistan to $10 billion, the report
added.
The
kingdom’s fund provides soft loans and grants to developing countries as a
means to bolster allies and cement new relationships. The statement comes a day
after the Crown Prince met with Pakistan’s army chief General Syed Asim Munir to
review ways to enhance bilateral ties and strengthen cooperation.
Source:
Bloomberg