Saudi Arabia to finance three projects of CPEC

This is a very positive step and bodes well for relations between the two countries

Fawad Chaudhry, Information Minister

islamabad — The government of Saudi Arabia has signed three grant agreements with Pakistan to finance three road infrastructure and energy projects under the China-Pakistan Economic Corridor (CPEC).

“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 told a Press conference here.

The agreements were signed by the Saudi envoy and the officials of Pakistan’s Finance Ministry, reports Dawn News.

“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,” the minister added.

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

More agreements would be inked next week between a highlevel Saudi delegation and Pakistani officials, Fawad said.

The accords will be related to Reko Diq’s gold and copper mines and the oil refinery at Gwadar Port, and the delegation would comprise the Saudi investment team, minister for petroleum and minister for energy. —