Pakistan and Saudi Arabia have decided to boost Saudi deposits in the State Bank of Pakistan (SBP) by an additional $2 billion, bringing the total to $5 billion, as per a statement by Mohammad AlQahtani, CEO of Saudi Arabia Holding Co.
This decision came after discussions between Pakistani Prime Minister Muhammad Shehbaz Sharif and Saudi Crown Prince Mohammed Bin Salman at Al-Safa Palace in Makkah.
The meeting aimed at strengthening bilateral ties and exploring opportunities for cooperation in various sectors. They reaffirmed their commitment to fast-tracking the implementation of a $5 billion investment package.
Focus areas included Saudi support for Pakistan’s economy and efforts to enhance trade and investment links. Moreover, Saudi Arabia has agreed to invest in building a new oil refinery and copper mines in Pakistan, part of a broader agreement worth $21 billion.
This includes a $14 billion oil refinery project and $7 billion for copper mines. AlQahtani highlighted that these investments signify the ongoing collaboration between the two nations.
