Saudi Arabia signs $20bn in deals with Pakistan

February 18, 2019 at 12:20 pm

Silkcitynews Desk:

Saudi Arabia has pledged investment deals worth $20bn (£15.5bn) with Pakistan which is seeking to bolster its fragile economy.

It comes as part of a high-profile Asian tour by the kingdom’s Crown Prince Mohammed bin Salman, according to BBC report.

Pakistan urgently needs to address a balance of payments crisis and is looking to international backers for support.

The deals include an $8bn oil refinery in the key port city of Gwadar.

The two sides signed several other provisional agreements and memorandums of understanding in the energy, petrochemicals and mining sectors, according to reports.

“It’s big for phase one, and definitely it will grow every month and every year, and it will be beneficial to both countries,” the crown prince said.