Wednesday, 12 March 2014

Pakistan, Saudi Arabia sign $183m credit agreements

ISLAMABAD: Pakistan and Saudi Arabia on Monday signed two agreements under which the latter will provide a total of around $183 million for the import of urea fertiliser from Saudi Arabia and the construction of a hydro-power project in Chitral.
The two countries expressed the desire to further strengthen cooperation in various fields for promotion of the causes of the Ummah as well as international peace and stability. This was discussed in a meeting between Prime Minister Nawaz Sharif and Saudi Crown Prince and Defence Minister Salman Bin Abdul Aziz Al-Saud who called on him at the PM House. Federal Minister for Finance Ishaq Dar and Punjab Chief Minister Shahbaz Sharif were also present on the occasion. Both the leaders remained together for some time and discussed matters relating to mutual interest.
Prime Minister Nawaz said that Pakistan and Saudi Arabia had brotherly relations and had similar views on regional as well as international matters. Pakistan supported efforts of Saudi Arabia aimed at strengthening unity among the Islamic countries, the prime minister added. He said that Pakistan held Saudi Arabia in highest esteem and the relations between the people of both the countries were more than fraternal. He said that the large Pakistani community in Saudi Arabia served as a bridge between the two brotherly countries and played a positive role in the development of Saudi Arabia as well as Pakistan’s economy through annual remittances of over $4 billion.
Saudi Crown Prince Salman Bin Abdul Aziz Al-Saud expressed his gratitude to the prime minister for the hospitality shown towards him and his delegation during the visit. Earlier, both the leaders witnessed the agreements’ signing ceremony between the two countries that included an agreement on export credit facility of $125 million for purchase of urea from Saudi Arabia Industries Cooperate. The second agreement pertained to $58 million funding by the Saudi Fund for Development of Golen Gol Hydropower Project in Chitral.
Economic Affairs Division Secretary Nargis Sethi from Pakistan side and Saudi Fund for Development Vice Chairman and MD Yousaf Ibrahim Albassam from the Saudi side signed the agreements. Later, the prime minister hosted a dinner in honour of the visiting dignitary and his delegation. 

And That's the reason why Dollar price comes down in Pakistan

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