Islamabad, Pakistan – February 3, 2025

In line with the directives of the Kingdom of Saudi Arabia’s wise leadership, the Saudi Fund for Development (SFD) today signed two agreements with the Government of Pakistan to support the country’s vital sectors. The signing ceremony took place in the presence of His Excellency Muhammad Shehbaz Sharif, Prime Minister of the Islamic Republic of Pakistan.

His Excellency Sultan bin Abdulrahman Al-Marshad, CEO of SFD, signed a financing agreement with His Excellency Dr. Kazim Niaz, Secretary of the Economic Affairs Division of Pakistan, to provide USD 1.2 billion for the import of oil derivatives. This agreement extends the Kingdom’s ongoing support through SFD, which has been in place since 2019, bringing the total financing provided for oil derivatives to approximately USD 6.7 billion. This continued support underscores the SFD’s commitment to fostering economic growth in Pakistan and facilitating the development of key sectors.

In addition, both parties signed a development loan agreement worth USD 41 million to finance the Gravity Flow Water Supply Project in Mansehra. This project aims to enhance access to clean drinking water by establishing a 400-kilometer water pipeline network, benefiting over 150,000 people. The project will also include the construction of a water treatment plant with a capacity of 21,000 cubic meters per day, contributing to the prevention of waterborne diseases and improving public health.

The signing ceremony was attended by several high-ranking Pakistani officials, including the Deputy Prime Minister, Minister of Finance, Minister of Economic Affairs, Minister of Information and Broadcasting, and Minister of Petroleum, as well as the Ambassador of the Kingdom of Saudi Arabia to Pakistan, alongside other senior officials from both countries.

On the sidelines of the event, His Excellency the Prime Minister of Pakistan met with His Excellency the CEO of SFD to discuss ways to further strengthen development cooperation between the two nations, particularly in financing strategic sectors across Pakistan.

Since 1976, SFD has financed approximately 18 development projects and programs in Pakistan, with a total value exceeding USD 1 billion. Additionally, grants provided by the Kingdom through SFD have surpassed USD 533 million, supporting social development and economic growth in key sectors such as social infrastructure, transport and communications, energy, water and sanitation, housing and urban development, and food security.

These agreements reaffirm the Saudi Fund for Development’s commitment to supporting sustainable development worldwide, highlighting the importance of international cooperation in addressing global development challenges