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Saudi fund to finance $1 billion in Pakistani oil derivatives

ISLAMABAD: The Economic Affairs Division said on Thursday that the Saudi Fund for Development (SFD) will finance $1 billion worth of oil derivatives for Pakistan.

According to a tweet from the department, Sultan Abdulrahman Al-Marshad, the fund’s chief executive, and Dr. Kazem Niaz, the department’s secretary of economic affairs, signed a document committing funding.

The arrangement, according to SFD CEO Al-Marshed, highlighted the Kingdom of Saudi Arabia’s commitment to continuing support for the amiable Islamic Republic of Pakistan.
The deal, he continued, also demonstrated the desire of “our leaders to assist the government of Pakistan in navigating economic issues and developing a sustainable economy.”

“I am happy to share with you the greetings and best wishes of the Saudi government for Pakistan’s continued success, growth, and prosperity.”

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