Report: Saudi Arabia to finance three China Pakistan Economic Corridor projects

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Saudi Arabia has signed grant agreements with Pakistan to finance three road infrastructure and energy projects under the China Pakistan Economic Corridor (CPEC), a news report has revealed.

According to the Dawn newspaper report, the agreements were signed by the Saudi ambassador and officials of Pakistan’s finance ministry.

“These agreements have been inked in line with the understanding reached during Prime Minister Imran Khan’s recent visit to Saudi Arabia,” Information Minister Fawad Chaudhry was quoted as saying by the newspaper.

“The first step has been taken as three grant agreements have been signed. This is a very positive step and bodes well for relations between the two countries,” Chaudhry said.

Saudi delegation

Giving a briefing about the federal cabinet’s meeting held earlier in the day, he said that a high-level Saudi delegation would arrive in Pakistan on Sunday for materializing the deal between Islamabad and Riyadh.

More agreements would be inked next week between a high-level Saudi delegation and Pakistani officials, Chaudhry said adding that the delegation would comprise the Saudi investment team, minister for petroleum and minister for energy.

“During the prime minister’s recent visit, Saudi Arabian leaders including Crown Prince Mohammad bin Salman were eager to finalize the deal within days despite the fact that such deals require months for materializing,” the minister said.