ISLAMABAD: Pakistan and Saudi Arabia on Monday signed two agreements under which the latter will provide a total of around US $ 183 million for the import of Urea fertilizer from Saudi Arabia and the construction of a hydro-power project in Chitral.
The signing ceremony held here at the PM House was witnessed by Prime Minister Muhammad Nawaz Sharif and Saudi Crown Prince and Defense Minister Prince Salman bin Abdul Aziz Al Saud.
Vice Chairman/Managing Director Saudi Development Fund, Yousef Bin Ibrahim Al-Bassam and Secretary Economic Affairs Ms. Nargis Sethi signed the agreements on behalf of their respective sides.
Under the first agreement, Saudi Arabia will provide a credit facility of US $ 125 million for the import of Urea fertilizer from Saudi Arabia.
Whereas under the second agreement, Saudi Arabia will provide an additional loan of $ 57.8 million for the construction of a 106 MW Golen Gol hydro-power project at River Mastuj in Chitral.
Besides the members of Saudi delegation, the ceremony was also attended by Advisor to the Prime Minister on National Security Sartaj Aziz, Finance Minister Ishaq Dar, Chief Minister Punjab Mian Shahbaz Sharif, Minister for Science and Technology Zahid Hamid, Minister for Defence Production Rana Tanveer Hussain, Special Assistant to the Prime Minister on Foreign Affairs Tariq Fatemi and other senior officials.