KSA To Invest US 500 Mln Dollar To Strengthen Energy Sector In Pakistan: Shah Mahmood Qureshi

Foreign Minister Makhdoom Shah Mahmood Qureshi Wednesday said that Kingdom of Saudi Arabia (KSA) has decided to invest US$ 500 million more to strengthen energy sector in Pakistan

MULTAN, (UrduPoint / Pakistan Point News - 12th May, 2021 ) :Foreign Minister Makhdoom Shah Mahmood Qureshi Wednesday said that Kingdom of Saudi Arabia (KSA) has decided to invest US$ 500 million more to strengthen energy sector in Pakistan.

The Saudi Arabian assistance would help overcome the imbalance in energy mix, he said adding that it was meant for alternate and renewable energy including solar, wind and hydel power.

He was talking to media after offering Fathea on the death of international fame scholar Qari Muhammad Abdul Ghaffar Naqshbandi during visit to his residence.

The US$500 million from Saudi Arabia would improve Pakistan's energy mix balance, FM said adding it would help make the tariff become cheaper gradually and would impact our economy positively.

He said that Saudi funding would also focus infrastructure development and investment on water resources projects.

Mr Qureshi said that the three-day KSA visit was made on the invitation of crown prince Mohammad Bin Salman and it helped defuse the designs of detractors.

He said that Pakistan had enjoys good relation with Saudi Arabia, however, the recent initiative of Saudia-Pak Strategic Supreme Council brought it from Adhoc to institutional arrangements.

He further informed that this institutional mechanism stood on three pillars including security & political pillar to be headed by Foreign Minister, economic outreach led by interior minister and cultural & communication pillar would be led by the minister for information & broadcasting.

He said that Saudi Arabia Crown Prince Mohammad Bin Salman would pay his second visit to Pakistan soon. Qureshi said a delegation of Saudi officials would visit Pakistan to meet officials after Eid to be followed by a two-day visit by foreign minister of Saudi Arabia to finalize arrangements for Crown Prince's visit to Pakistan.

Foreign minister disclosed that Saudi Arabia has allocated special manpower quota for Pakistani workers under its 2030 development vision that involved huge investment for Saudi Arabia development. He said, the new jobs opportunity would benefit hundreds of thousands of Pakistanis.

Mr Qureshi further informed that the issues of visas with Kuwait have also be set and the issues faced by Pakistani families living in Kuwait have been resolved.

He said that there was ban on export of Pakistani kino to Iran for last 12 years which has now been lifted adding that it would benefit the Pakistani farmers, exporters and the overall national economy.