Pakistan, Saudi Arabia to sign $380 mln deal

The government of Pakistan is set to sign three agreements worth 380 million US dollars with the Saudi Fund for Development. The official APP News Agency reported on Tuesday that the deals are for budgetary support and other purposes.

A 200-million US dollar loan agreement will be signed between the State Bank of Pakistan and the SFD, another agreement totaling 100 million will be inked as export credit for urea fertilizer, and the third agreement to be finalized will provide a loan of 80 million dollars for the Neelum-Jhelum Hydropower Project.

Meanwhile, a memorandum of understanding will also be signed on Thursday under which Saudi Arabia will provide assistance to offices of the United Nations established in Pakistan for refugees displaced from Malakand and South Waziristan.