Saudi Arabia Signs Investment MoUs Worth $20 Billion in Pakistan - Bloomberg:
Saudi Arabia’s Crown Prince Mohammed bin Salman said his country signed so-called memorandums of understanding worth $20 billion of investment in Pakistan.
“We are creating a great future for Saudi Arabia and Pakistan,” Prince Mohammed said at a reception by Prime Minister Imran Khan after the kingdom’s de facto ruler reached Islamabad on Sunday on a two-day trip. The two nations signed investments deals in energy and agriculture sector including setting up a $10 billion oil refinery in southwestern city of Gwadar.
Prince Mohammed’s investment plans may help premier Khan’s efforts to revive an economy hurt by widening current account and fiscal deficits. Saudi Arabia has already given a $3 billion loan to Pakistan, while the United Arab Emirates provided $1 billion as part of its $3 billion balance of payment support that helped south Asia’s second biggest economy avert a financial crisis.
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