Saudi Development Fund to finance new projects in Pakistan

[LahoreEstate]

Thursday, February 04, 2010
ISLAMABAD: The Kingdom of Saudi Arabia’s development fund has initiated a study on financing new developmental projects in Pakistan.

The Saudi Fund has also sent its delegations to Pakistan for follow-up on the projects, says a Saudi embassy press release issued here.

“The Kingdom of Saudi Arabia is always keen to extend all possible help and assistance to the brotherly Islamic Republic of Pakistan in various fields,” the statement said.

The embassy also issued an update of the important assistance provided recently by the Saudi Arabia to Pakistan in several fields.

The Saudi government donated US$ 133 million for the reconstruction of quake affected regions, construction of government buildings, official residences, health units, educational amenities, rehabilitation of a college, hospital and construction of a University in Azad Kashmir.

The construction of a hospital in Mansehra city at a cost of 27 million Riyals, a university in Muzaffarabad at a cost of 195 million Riyals, Governmental complex in Rawalakot at a cost of 82 millions Riyals, a hospital and Ayub Medical College at a cost of 30 million Riyals, besides a number of male and female colleges in different regions as well as construction of 14 health units and centers at a cost of Saudi Riyals 8 million are in the final stages. The people of Saudi Arabia, represented by the Saudi Public Assistance Committee, donated US $120 million, earmarked for the construction of 8000 residential units, 4000 of which were handed over to the beneficiaries and work is in progress for completing the construction of the remaining units.

The Saudi Fund has provided US$ 40 million loan for execution of power generation project in the north of Gulingol. A US$ 80 million loan agreement was signed between the Saudi Development Fund and the government of Pakistan as contribution for building power generation plant at Jhelum.

A US$ 100 million loan agreement was signed between the Saudi Development Fund and the government of Pakistan for financing Saudi fertilizer exports to Pakistan. Saudi Arabia supported the State Bank of Pakistan through a deposit of US$ 200 million.

Discussions are in progress for provision of US$ 100 million grant through the offices of United Nations in Pakistan for assistance of internally displaced people from the northern regions of Pakistan.

The Kingdom of Saudi Arabia provided a donation of US$ 733,969 for two projects run by the United Nation’s program for assistance of the earthquake victims in Pakistan, one for repair of the roads and the other for provision of building material to the destroyed houses.

http://thenews.com.pk/daily_detail.asp?id=222357