Islamabad: Pakistan and Saudi Arabia are likely to sign multiple agreements worth USD 10 billion – a news source reported.
The agreements are expected to be signed during the visit of Saudi Prince Mohammad bin Salman bin Abdulaziz. An MoU agreement on investment framework is also expected with the United Arab Emirates (UAE) next month.
Riyadh plans to invest in oil refinery, petrochemicals, renewable energy, and mining sectors. A government official said Islamabad is expecting over USD 10 billion in investments from Saudi Arabia. He added that Karachi will receive a major chunk of the proceeds.
Saudi Arabia has also expressed its desire to invest in the port city of Gwadar, a focal point of the multi-billion China Pakistan Economic Corridor (CPEC) project.
During his visit to Saudi Arabia, Prime Minister Imran Khan had secured a bailout package to help address Pakistan’s balance of payments crisis. Riyadh had pledged USD 3 billion for a year. It had also agreed to provide a one-year deferred payment facility for import of oil worth USD 3 billion.