Saudi Fund For Development loans $380 Million to Pakistan

Islamabad, November 10, SPA -- A delegation from the Saudi Fund for Development
(SFD) arrived here today to sign three agreements with the Pakistani government
granting loans worth $380 million, including $ 200 million in budget support for
the Pakistani government and $ 100 million to secure fertilizers from the
Kingdom-based company 'SABIC' for agricultural usage, in addition to $ 80 million
to finance the Neelum Jhelum Hydropower project, said Dr.Yousuf Al Bassam, SFD's
Vice president and Managing director who is leading the delegation.


During the visit, a Memorandum of Understanding (MoU) will be signed with the
United Nations representative in Pakistan for the disbursement of $100 Million
grant announced by the Kingdom of Saudi Arabia to support internally displaced
people of northern areas in Pakistan through the humanitarian organizations of the
United Nations.

In a similar statement to the Saudi Press Agency (SPA), Abdulaziz Al Ghadeer, the
Saudi Ambassador to Pakistan who received SFD delegation at Islamabad International
Airport said that these agreements come in line with the directive of the
Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud in the
context of financial support provided by Saudi Arabia to the brotherly people of
Pakistan, noting that it represents an extension of Saudi Arabian support to
Pakistan.
--SPA 14:24 LOCAL TIME 11:24 GMT NNNN