ISLAMABAD, February 13: Saudi Arabia has decided to provide funds for Diamer Bhasha and Mohmand Dams.
According to Media Reports MoUs will be signed in this connection during the visit of Saudi Crown Prince, Muhammad Bin Salam to Pakistan. For five power projects MoUs worth rupees One billion 20 crore and 75 lakh Riyals would be signed.
A summary for MOU with Saudi Fund for Development to be presented before the Federal Cabinet.
According to documents 37 crore 50 lakh Riyals for Bhasha Dam and 30 crore Riyals for Mohmand Dam and 24 crore 75 lakh for Shonter project to be provided to Pakistan from Saudi Arabia. While 15 crore 37 lakh Riyals for Jamshoro Power Project and 13 crore 12 lakh Riyals for Jagran Power Project to be provided to Pakistan.
Advisor to Prime Minister on Trade Abdul Razak Dawood during a press conference in Islamabad said that about 7 billion dollar investment will come from Saudi Arabia in first two years. It would be the biggest investment in oil refinery sector. He said that in five years the refinery will be completed. -Agencies
