Saudi Crown Prince and Prime Minister Mohammed bin Salman has directed authorities to study “augmenting” the Kingdom of Saudi Arabia’s investments in Pakistan to reach $10 billion.
According to the Saudi Press Agency, Crown Prince Muhammad bin Salman also directed the Saudi Development Fund (SDF) to study increasing the amount of the deposit in Pakistan’s central bank to hit $5 billion.
Saudi Arabia is Studying to Augment its Investments in Pakistan to Reach $10 b and Increasing its Deposit to CBP to $5b, it was Announced.https://t.co/rc9ZBBQfCe#SPAGOV pic.twitter.com/Muxj1GpqoY
— SPAENG (@Spa_Eng) January 10, 2023
“This came within the framework of the existing communication between HRH the Crown Prince and Muhammad Shehbaz Sharif, Prime Minister of Pakistan,” the press agency reported.
On December 2 last year, the SFD extended its term for the $3 billion deposit in the State Bank of Pakistan, which was set to mature on December 5.
The SBP had signed an agreement with the SFD in November 2022 to receive $3 billion, to be deposited in the central bank’s account to improve its foreign exchange reserves.
The announcement came just a day after when Crown Prince received COAS General Asim Munir at the winter camp in Al-Ula.
COAS General Asim Munir meets Saudi Crown Prince Muhammad Bin Salman
In his first official visit to the Kingdom, COAS discussed bilateral ties, defence cooperation, and other matters between the two Islamic States with the Crown Prince.
