Business & Economy

Saudi Arabia mulls boosting investments in Pakistan to $10 billion

Riyadh, Jan 10 (EFE).- Saudi Arabia is eyeing boosting investments in Pakistan to $10 billion, the Saudi state news agency reported on Tuesday.

The Saudi Fund for Development will conduct a study to increase investments in Pakistan to $10 billion, up from the previous $1 billion announced in August, Crown Prince Mohammed bin Salman, also known as MBS, was quoted as saying by the SPA news agency.

The crown prince has also ordered the body to examine a plan to increase deposits in Pakistan’s central bank to $5 billion, from a previous $3 million, the statement added.

The announcement comes a day after Pakistan hosted a United Nations-backed conference on climate resilience for the South Asian to mobilize international aid following 2022’s deadly floods.

Pakistan has long held close ties with Saudi Arabia.

The agency said that with the new study, MBS wishes to affirm the Kingdom’s position in supporting the economy of Pakistan and its people.

On Monday governments and global financial institutions pledged $9 billion for Pakistan’s flood recovery plan at an international conference in Geneva.

Pakistan suffered the worst floods in its recent history in 2022 caused by record monsoon rains.

According to the Pakistani government, over 33 million people were affected by the floods and 1,700 were killed. EFE


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