Islamabad, January 12, 2023, SPA -- In implementation of the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister; the CEO of the Saudi Fund for Development (SFD), Sultan Abdulrahman Al-Marshad, and the Secretary Ministry of Economic Affairs in Pakistan, Dr. Kazim Niaz, have signed an agreement to finance oil derivatives worth USD 1 billion to Pakistan. The agreement was signed in Islamabad in the presence of Saudi and Pakistani officials. Aimed at supporting Pakistan's economy, sector growth, and navigating economic challenges, the strategic agreement signed today comes as a continuation of the support provided by the Government of Saudi Arabia to the brotherly country Pakistan to build a sustainable economy. In 2019 and 2021, the SFD signed agreements to finance oil derivatives with a value of USD 4.44 billion. The agreement marks the latest steps taken by the Government of Saudi Arabia through the SFD and the Pakistani authorities to enhance development in the country. Since the Fund's establishment, the SFD has supported more than 40 projects and programs in different development sectors valued approximately at USD 1.4 billion to finance Pakistan's energy, water, transportation, and infrastructure projects. --SPA 16:02 LOCAL TIME 13:02 GMT 0015 www.spa.gov.sa/w1839074