Saudi Development Fund Team Due to Visit Pakistan to Finalize Loan Agreements

The delegation of the Saudi Fund for Development (SDF), headed by General Director of Asia Operations Dr. Saud A Alshammari, is scheduled to visit Pakistan today (Monday) to finalize loan agreements and resolve taxation issues with Pakistani authorities. Business Recorder, while citing its sources, said that the six-day official visit of the high-level delegation is aimed at the resolution of the issues being faced by the SDF concerning the funding of $1.6 billion. During the visit, the SDF team will meet Economic Affairs Division (EAD) officials to finalize loan agreements to discuss several projects, including the Mohmand dam project, Muzaffarabad road project, gravity flow water in Mansehra project, Golan Goal hydropower project and Neelum Jhelum hydropower project. As a result of the delay from the Pakistani side, $500 million out of a total of $1.6 billion have still not been allocated to any project. The loan agreement for the $250 million Mohmand Dam hydropower project has also not been finalized yet owing to a delay in response from the Pakistani side. Alongside, the Saudi authorities have also complained of facing hurdles in the execution of several projects in Balochistan due to issues in coordination with EAD. SDF delegation will also hold a meeting with the authorities of the Ministry of Planning, Development and Special Initiatives to discuss the flood relief operation.