Jeddah - Arabstoday
The Saudi Fund for Development signed two agreements for soft loans worth SR645 million with Pakistan to finance construction of infrastructure for Malakand region and import of urea fertilizer from Saudi Arabia.The first agreement is a soft loan worth SR270 million allocated for financing reconstruction of Malakand Region Project, an official statement said.The project aims to improve roads and contribute to increasing agricultural productivity and enhancing the level of education and health standards of people in the region. The second agreement worth SR275 million is for the import of urea that will benefit the agriculture sector by enhancing production and maximize farmers income.It will also help produce additional food by enhancing the yield of existing under cultivation land.SFD Managing Director Yousuf Ibrahim Al-Bassam and Pakistan\'s Economic Affairs Division Secretary Abdul Wajid Rana signed the deal in Islamabad in the presence of Saudi Ambassador Abdul Aziz Alghadeer and senior Pakistani officials.Al-Bassam emphasized the Kingdom\'s commitment to support the Pakistani government\'s efforts in promoting the wellbeing and economic prosperity of its people.\"The agreements will deepen the bilateral cooperation and enhance the good relations between two countries,\" Al-Bassam said in a statement. Rana thanked the Saudi government as well as the Saudi Fund for their support to Pakistan.Ambassador Alghadeer, meanwhile, said the SFD\'s decision to give two soft loans reflects the Kingdom\'s continuous support to Pakistan and its people.He thanked Custodian of the Two Holy Mosques King Abdullah for the humanitarian gesture. Alghadeer hosted a dinner on Wednesday in honor of Al-Bassam and his delegation. Prominent Pakistani officials attended the banquet. In November 2009, Saudi Arabia granted Pakistan a $380 million soft loan to mainly support its budget.A senior Saudi official then said the loan was part of $700 million the Kingdom had pledged to give Pakistan at the Tokyo donors meeting.The official said the Pakistani central bank would get $200 million for budget spending while $100 million would be given to cover Pakistani imports from Saudi Fertilizers Co and $80 million to finance a hydropower project.