Saudi Gazette report

ISLAMABAD — The Saudi Fund for Development (SFD) Chief Executive Sultan Al-Marshad and Pakistani Secretary for Ministry of Economic Affairs Dr. Kazim Niaz signed a $1.2 billion financing agreement for the import of oil derivatives.

The signing ceremony was attended by Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Ambassador to Pakistan Nawaf Al-Malki.

The agreement is part of Saudi Arabia’s broader financial assistance to Pakistan through the SFD, which has provided approximately $6.7 billion for oil derivatives since 2019.

Additionally, the two sides signed a $41 million development soft loan agreement to finance a project for supplying drinking water to the city of Mansehra.

The initiative includes the installation of 400 kilometers of water pipelines, benefiting over 150,000 people.

It also involves the construction of a water treatment plant with a daily capacity of 21,000 cubic meters, aiming to reduce waterborne diseases and epidemics in the region.

During the signing event, Prime Minister Sharif and SFD Chief Al-Marshad discussed further avenues for collaboration, focusing on financing critical sectors across Pakistan to enhance long-term economic resilience.