Saudi Arabia to increase Pakistan’s deposits in SBP to $5bn

Riyadh: Saudi Arabia has decided to increase the deposits in the Central Bank of Pakistan from $3 billion.

The Chief Executive Officer (CEO) of Saudi Arabia Holding Company Muhammad Al-Qahtani said in a statement that Pakistan and Saudi Arabia have accelerated the implementation of the investment project of $5 billion. Saudi Arabia has agreed to speed up the implementation of the $5 billion investment project.

Muhammad Al-Qahtani stated that Saudi Arabia will increase deposits in the Central Bank of Pakistan from three billion to five billion dollars and Saudi Arabia will invest in oil refineries and copper mines.

He added that Saudi Arabia is negotiating to invest 21 billion dollars in Pakistan. Under this project, seven billion dollars will be invested in copper mine and 14 billion dollars in oil refinery.

This investment of Saudi Arabia is a positive step to increase economic relations with Pakistan and will create new job opportunities in Pakistan, continued Al-Qahtani.

Muhammad Al-Qahtani further said that Prime Minister Shehbaz Sharif has called these agreements as a historical milestone for Pak-Saudi relations.