Riyadh, Islamabad Sign Investment Deals Worth $20Bln - Reports

Sputnik News

04:04 18.02.2019

DUBAI (Sputnik) - Riyadh and Islamabad signed agreements worth $20 billion were signed during the visit of Saudi Crown Prince Mohammed bin Salman to Pakistan, the Saudi Gazette reported on Monday.

Seven bilateral agreements, mostly energy-related, were signed the presence of the crown prince and Pakistani Prime Minister Imran Khan.

In particular, the parties signed an agreement on the supply of oil and oil products from Saudi Arabia, as well as memorandums of understanding on the development of oil refining and petrochemistry, electricity and renewable energy sources in Pakistan.

Media earlier reported that bin Salman would conclude a number of major investment transactions in Pakistan, including the agreement to build an oil refinery and petrochemical complex in the port of Gwadar worth $10 billion.

Pakistan has reportedly been on a road to economic recovery since the crisis in 2013. Last year, the conutry's economy showed a better than expected performance with nearly five percent growth. The nation's economy for the period between 2019 and 2025 is expected to grow over 8 percent, according to local media reports.

Pakistani Foreign Minister Shah Mahmood Qureshi told Sputnik on Friday that the Saudi-Pakistani political relations had a long history, suggesting that Pakistan could help mediate the Saudi-Qatari spat. Saudi Arabia and its allies cut off diplomatic ties with the small Gulf nation in summer 2017 after accusing it of meddling in their home affairs and fomenting terrorism in the region. Qatar has refuted the allegations.

Saudi Crown Prince will then leave Pakistan for India and then will complete his Asian tour with a two-day visit to China. Malaysia and Indonesia were previously unexpectedly excluded from the program of his tour.

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