Saudi Arabia’s Crown Prince HRH Mohammed Bin Salman announced that memorandums of understanding (MoUs) worth $20bn (SAR75bn) had been signed to spur the kingdom’s investment in Pakistan, led by cricketer-turned-politician Prime Minister Imran Khan.
The announcement was made during an official visit to Pakistan by the Crown Prince, who was received at Khan Military Base Airport by Khan and taken to Islamabad’s Presidential Palace in a parade.
Seven bilateral agreements and MoUs were signed between Saudi Arabia and Pakistan on technical cooperation, in addition to an agreement to fund the supply of crude oil and petroleum to Pakistan. According to Bloomberg, at least one investment deal was signed to set up the $10bn (SAR37.4bn) oil refinery in Pakistan’s city of Gwadar.
An MoU framework was established to fund power generation projects in Pakistan, and another to study investment opportunities in the Asian country’s refining and petrochemical sectors, Saudi Arabia’s state news agency, SPA, reported.
MoUs agreed during the Crown Prince’s visit also covered the study of mineral resources in Pakistan and the development of renewable energy projects in the country. An agreement was also signed for Saudi Arabia and Pakistan to collaborate in the field of sport.
Commenting on the agreements with Pakistan, the Crown Prince said Saudi Arabia would continue to strengthen and deepen its ties with the Asian country.
He added: “Pakistan's GDP growth during last year 2018 was by 5%. So, we believe that Pakistan will be a very prosperous country in the future and we want to make sure that we are part of that boom.
“We believe that the amount of investment of $20bn is large for the first phase and will certainly grow each month and every year for larger numbers.”
Saudi Arabia’s Crown Prince is also due to visit India and China in the days to come, with Indian Prime Minister Narendra Modi expected to receive him in capital New Delhi on 19 February to discuss investments in India’s energy sector, among other areas.
The Crown Prince was accompanied to Pakistan by Saudi Minister of Foreign Affairs, Adel Al-Jubeir, and Khalid A Al-Falih, Minister of Energy, Industry, and Mineral Resources of Saudi Arabia, and chairman of state-led giant Saudi Aramco.