Saudi Arabia to finance three projects as part of Pakchina corridor

ISLAMABAD : Saudi Arabia has signed three grant agreements with Pakistan to finance as many road infrastructure and energy projects under the China-pakistan Economic Corridor (CPEC), information minister Fawad Chaudhry has said.

“These agreements have been inked in line with the understanding reached during Prime Minister Imran Khan’s recent visit to Saudi Arabia,” Chaudhry told a news conference on Thursday. The pacts were signed by the Saudi envoy and officials of Pakistan’s finance ministry.

“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,” he said, adding that a high-level Saudi delegation will visit Pakistan on Sunday to finalise the deals between Islamabad and Riyadh.

Chaudhry, a close of Khan who was part of the delegation that visited Riyadh, had said earlier this month that Saudi Arabia had agreed to join CPEC as the “third strategic economic partner”.

More agreements will be inked next week between the high-level Saudi delegation and Pakistani officials, Chaudhry said.

The accords will be related to gold and copper mines at Reko Diq and the oil refinery at Gwadar port in Balochistan.

The Saudi delegation will comprise an investment team and the ministers for petroleum and energy.

Saudi Arabian leaders, including crown prince Muhammad bin Salman, were eager to finalise the deal, Chaudhry said.