Saudi Arabia to Increase Deposits in SBP to $5 Billion

The Kingdom of Saudi Arabia has agreed to increase deposits in the State Bank of Pakistan from $3 billion to $5 billion.

This was disclosed by the CEO of Saudi Arabia Holding Co. Mohammad AlQahtani on LinkedIn. The agreement took place during a meeting between Prime Minister Muhammad Shehbaz Sharif and Crown Prince Mohammed Bin Salman on Monday.

AlQahtani said the agreements include increasing Saudi deposits in SBP from $3 billion to $5 billion and injecting investments into a new oil refinery and copper mines.

These initiatives are part of a broader agreement previously reached, where Saudi Arabia is in discussions to invest $21 billion in Pakistan. This includes establishing a $7 billion copper mine and a $14 billion oil refinery.

These investments are viewed as a positive development in strengthening economic ties between Pakistan and Saudi Arabia, bolstering the Pakistani economy, and generating new job opportunities.

AlQahtani remarked that these investments come at a crucial time for Pakistan, which is grappling with a severe economic crisis marked by high inflation rates and a foreign currency shortage.

Pakistan hopes that these investments will help improve its economy and create new job opportunities.

Pakistan has a strong and reliable ally in Saudi Arabia, which has been providing extensive financial and political support for a long time.

These new investments signify the continued close cooperation between the two countries, AlQahtani added.

  • Debts, Debts and more debts. Who will repay them?. Just visit parliament lodges, Army officers mess, Punjab Secretariat and Government Officers clubs and so on and you will be surprised that how Pakistani government elite is enjoying. No country should give any debt to Pakistan as this is going towards the luxury lifestyle of the elite.

  • Get Alerts

    Follow ProPakistani to get latest news and updates.

    ProPakistani Community

    Join the groups below to get latest news and updates.