Saudi Arabia to finance three CPEC projects

Three projects of the China Pakistan Economic Corridor (CPEC) will be financed by the Government of Saudi Arabia, reported the Dawn. 

“These agreements have been inked in line with the understanding reached during Prime Minister Imran Khan’s recent visit to Saudi Arabia,” Information Minis­ter Fawad Chaudhry said. The agreements were signed by the Saudi envoy and the officials of Pakistan’s finance ministry.

“The first step has been taken as three grant agreements have been signed. This is a very positive step and bodes well for relations between the two countries,” the minister added.

Giving a briefing about the federal cabinet’s meeting held earlier in the day, he said that a high-level Saudi delegation would arrive in Pakistan on Sunday for mate­rialising the deal between Islamabad and Riyadh.

According to the report, more agreements would be inked next week between a high-level Saudi delegation and Pakistani officials, Pak’s Information Minister informed.

The report further added that the accords will be related to Reko Diq’s gold and copper mines and the oil refinery at Gwadar Port, and the delegation would comprise the Saudi investment team, minister for petroleum and minister for energy.

“During the prime minister’s recent visit, Saudi Arabian leaders including Crown Prince Muhammad bin Salman were eager to fanalise the deal within days despite the fact that such deals require months for materialising,” the minister said.

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