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Saudi Arabia consider increasing investments in Pakistan

Saudi Arabia consider increasing investments in Pakistan

Mohammad bin Salman, the Crown Prince of the Kingdom of Saudi Arabia (KSA), gave the Saudi Development Fund the go-ahead on Monday to research raising Saudi deposits and investments in Pakistan to $15 billion.

The crown prince and prime minister MBS reportedly gave orders to take into consideration raising the amount of deposits in the State Bank of Pakistan (SBP) to $5 billion, according to the official news agency of the KSA.

Additionally, the kingdom intends to invest $10 billion there. The declaration, according to the Saudi news agency, was made following discussions between MBS and Prime Minister Shahbaz Sharif.

Saudi Arabia announced a $1 billion investment in Pakistan last year. High-level participants from dozens of nations, including numerous leaders of state and government, attended the one-day conference.

Although it wasn’t precisely a pledge conference, the UN and Pakistani delegates have stated that it was meant to mobilise help as the nation rebuilds following the floods, which claimed more than 1,700 lives and impacted over 30 million others.

PM Shehbaz Sharif stated at the official opening that Pakistan needed $8 billion from its allies over the following three years to reconstruct the nation, which is still recovering from last year’s terrible floods.

Islamic Development Bank (IsDB) pledged $4.2 billion, the World Bank $2 billion, the Asian Development Bank (ADB) $1.5 billion, the Asian Infrastructure Investment Bank (AIIB) $1 billion, and Saudi Arabia $1 billion, among other significant sums.