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Saudi Arabia announces US $380m loan for Pakistan

Monday, November 9, 2009 at 2:11 pm

ISLAMABAD, Pakistan news : Saudi Arabia has announced to give US $380 million loan to Pakistan Monday.

According to an official statement, the agreement between Division of Economic Affairs and the Saudi Fund will be signed tomorrow (Tuesday). US $200 million will be spent to cover budget deficit whereas US $100 million will be spent to buy urea for coming crops.

US $800 million will be spent on Neelum Jehlum Hydro Power project. Though, the amount allocated on hydro power project is moderate but it will facilitate further donor funding. Out of total package, US $180 million is loan and 200 million is budgetary support.

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Written by: Asif Jah

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