ISLAMABAD: The Saudi Fund for Development (SFD) visiting delegation to Pakistan, led by Chief Executive Officer Sultan bin Abdul Rehman Al Marshad called on Prime Minister Shehbaz Sharif on Friday.
During the meeting, Prime Minister Shehbaz Sharif warmly welcomed the delegation and expressed appreciation for the longstanding friendship between the Kingdom of Saudi Arabia and Pakistan. He also lauded the efforts of SFD in providing financial support to Pakistan in various sectors including health, energy, infrastructure, education, and assistance during recent floods.
In return, the CEO of SFD thanked the Prime Minister and the Government of Pakistan for the warm hospitality and the conferment of the National Civil Award, Hilal-e-Quaid-e-Azam.
He also discussed the signing of Financial Agreements worth US$ 107 million between SFD and the Government of Pakistan for the construction of Hydropower stations in Azad Jammu and Kashmir (AJK). These projects are not only aimed at providing clean energy but also at combating deforestation and creating job opportunities for the local population.
The CEO of SFD provided updates to the Prime Minister on ongoing projects funded by Saudi grants, including the Mohmand Multi-purpose Hydropower Project, Golan Gol Hydropower Project, and Malakand Regional Development Project.
Prime Minister Shehbaz Sharif emphasized the importance of expediting the processing of new projects in the field of green energy and infrastructure. He highlighted that these projects, once implemented, would significantly contribute to the economic revival of Pakistan and cater to the needs of local communities.
Assuring early processing of shared projects, the CEO of SFD reiterated the Kingdom of Saudi Arabia’s commitment to extending all possible assistance and continued support to Pakistan under the leadership of the Royal Family.
Prime Minister Shehbaz Sharif thanked the delegation for their support and conveyed his best wishes to all members of the Royal Family, especially the Khadim-e-Harmain Sharifain.
Later, the Saudi Fund for Development also called on Ahad Khan Cheema, Minister for Economic Affairs. Minister Ahad Khan Cheema warmly welcomed the delegation and commended the efforts of SFD for providing financing in critical sectors such as Health, Energy, Infrastructure, and Education, as well as for their assistance during recent floods.
During the visit, Minister Ahad Khan Cheema witnessed the signing of loan agreements for the Shounter Hydropower Project (48 MW) worth US$ 66.00 million and the Jagran IV Hydropower Project (22 MW) worth US$ 41.00 million.
These agreements were signed by Dr. Kazim Niaz, Secretary of the Economic Affairs Division, and Sultan bin Abdul Rehman Al Marshad, CEO of SFD. These projects aim to harness the indigenously available hydropower potential, generating 70 MW of hydropower that will be integrated into the national grid.
Furthermore, these initiatives will combat deforestation by providing electricity as an alternative to the energy needs of local communities, which have traditionally relied on forest wood, while also creating economic opportunities for socioeconomic development in AJK.
Minister Ahad Khan Cheema appreciated SFD’s role and support to Pakistan during challenging times and assured the delegation of further strengthening ties in the future.
Sultan bin Abdul Rehman Al Marshad reiterated SFD’s commitment to continued support for Pakistan.
