Islamabad : Saudi Arabia, the new entrant to the China-Pakistan Economic Corridor (CPEC), has inked grant agreements with Pakistan to finance three road infrastructure and energy projects under the $50 billion CPEC, according to media reports.
The two sides also signed three agreements worth $16.1 million for financing projects in health and education sectors in Pakistan-occupied Kashmir (PoK) and Khyber Pakhtunkhwa.
The agreements were signed by the Saudi envoy and the officials of Pakistan’s finance ministry on Thursday when Chairman of the Saudi Fund for Development, Ahmad Agil Al-Khateeb, visited Pakistan with a six-member delegation.
The aide to Saudi Arabia’s Crown Prince Mohammad bin Salman made an unscheduled stopover in Islamabad on Thursday, raising prospects of a multi-billion-dollar Saudi Arabian bailout package for cash-starved Pakistan, said the media.
Saudi Arabia gave a grant of $10 million for furnishing the King Abdullah bin Abdulaziz campus of a university in PoK, the Express Tribune reported. “These agreements have been inked in line with the understanding reached during Prime Minister Imran Khan’s recent visit to Saudi Arabia,” Information Minister Fawad Chaudhry told a Press meet.