Saudi Arabia and Pakistan on Thursday signed two agreements worth $172 million (SR645 million) in soft loans for construction of infrastructure for Malakand region and import of urea fertilizer in Pakistan, the Business Recorder said. The agreements were signed at Economic Affairs Division (EAD) in Islamabad by Abdul Wajid Raja, Pakistan's Secretary for Economic Affairs Division, and Eng. Yousef Ibrahim Al-Bassam, vice chairman and managing director of the Saudi Fund for Development. Saudi Arabian ambassador to Pakistan, Abdul Aziz Alghadeer, and Pakistan's senior government officials, attended the signing ceremony, the Business Recorder said. The Pakistani newspaper said the first agreement is a soft loan worth $ 72 million (SR 270 Million) for financing the reconstruction of Malakand Region Project. The project is aimed to improve roads in Malakand region and contribute to increasing agricultural productivity and enhancing the level of education and health standards for people in this region of the country. The second agreement is for the import of urea fertilizers that will benefit the agriculture sector. The amount of financing to be provided under the second agreement is $100 million (Riyal 275 million). Eng. Al-Bassam said the commitment of Saudi government reflected in these agreements to support efforts of the Pakistan government to promote the well being of the Pakistani people.
