Islamabad, March 02, 2022 (PPI-OT):H.E. Nawaf bin Saeed Al-Malkiy, Ambassador of the Kingdom of Saudi Arabia in Islamabad and Dr. Saud Ayid R. Alshammari, Director General of Saudi Development Fund (SFD) called on Mr. Omar Ayub Khan, Federal Minister for Economic Affairs in Islamabad, today.
Both the sides discussed bilateral economic cooperation including Saudi Oil Facility, ongoing development projects and new initiatives. The Minister for Economic Affairs appreciated the technical and financial support of SFD for socioeconomic development of Pakistan. The Minister further directed to resolve all the bottlenecks and expedite the implementation of development projects on fast-track basis.
The Minister shared that Economic Affairs Division is going to implement the triad approach i.e. physical progress verification by satellite through EAD and SUPARCO’s collaboration, financial tracking and use of Gantt Charts for efficient monitoring and smooth implementation of the projects. The Minister for Economic Affairs also acknowledged the timely operationalization of Saudi Oil Facility of US$ 1.2 billion for import for petroleum products on one-year deferred payment basis.
Under this facility, Pak Arab Refinery Limited (PARCO) and National Refinery Limited (NRL) will import petroleum products up to US$ 100 million per month from Saudi Arabia. It was further informed that the first Oil Tanker was expected to be arrived in Pakistan in the 3rd week of March, 2022 under the Saudi Oil Facility. The Saudi Ambassador assured of continued support at all level for further strengthening the bilateral economic cooperation between the two brotherly countries.
The Saudi Ambassador expressed that the Kingdom of Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan. Earlier, Saudi Fund for Development (SFD) Team, headed by Dr. Saud Ayid R. Alshammari, Director General and GoP Team, headed by Mr. Zubair Qureshi, Additional Secretary, and EAD reviewed the progress on 13 ongoing projects in Pakistan. At present, SFD is providing financial assistance for various development projects in the areas of Renewable Energy, Health, Education, Infrastructure and Housing.
During the portfolio review, progress of ongoing projects including construction of Tunnels on Chella Bandi Raod, AJK, and Construction of Infrastructure in Malakand Region, Golen Gol Hydropower Project, and Livelihood Restoration in Balochistan, Construction of Home Economics College and King Salman bin Abdul Aziz Hospital in Islamabad was discussed.
During the meeting, it was agreed to closely monitor the slow-moving projects to expedite their implementation. It was further informed that SFD will also finance the construction of Mohmand Dam Project, Shounter Hydropower Project, Jagran-IV Hydropower Project (22 MW), Shagarthang Skardu HPP (26 MW), Attaabad, Hunza HPP (32.5 MW), Gravity Flow Water Scheme Mansehra, and Abbottabad- Muzaffarabad Road Project.
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