Prime Minister Shehbaz Sharif introduced on Tuesday that the Saudi Fund for Growth (SFD) has authorised a $40 million grant to construct the King Salman Hospital in Pakistan’s northwestern Khyber Pakhtunkhwa province.
The undertaking is a part of a broader collection of collaborative efforts between Pakistan and Saudi Arabia aimed toward bolstering infrastructure and well being companies within the nation.
The announcement follows a big settlement signed a day earlier, wherein Pakistan secured a one-year deferment on a $1.2 billion fee for oil imports underneath an SFD-backed facility.
This association will enable Pakistan to boost its international reserves forward of the primary evaluation of a $7 billion Worldwide Financial Fund (IMF) bailout, which is scheduled for March.
PM Shehbaz highlighted that the King Salman Hospital is amongst a number of tasks supported by the SFD, which has funded over 40 tasks in Pakistan since its inception in 1975.
These initiatives, totaling roughly $1.4 billion, have centered on sectors akin to power, water, transportation, and infrastructure.
“Different SFD tasks, just like the King Salman Hospital with a $40 million funding, can be totally funded and inbuilt Hazara,” Sharif mentioned throughout a federal cupboard assembly, expressing gratitude to the Saudi authorities for his or her ongoing assist.
Along with the hospital undertaking, Sharif introduced that Pakistan had additionally finalised a mortgage settlement with SFD for the Gravity Stream Water Provide Scheme within the Mansehra district of Khyber-Pakhtunkhwa. This undertaking, which can present $41 million, goals to enhance entry to wash consuming water for no less than 150,000 individuals within the area.
The Saudi Fund has additionally proposed a partnership with Pakistan to offer coaching packages for younger Pakistanis, equipping them with fashionable and related expertise to fulfill the labor calls for of Saudi Arabia.
This initiative is especially essential as Pakistanis make up one of many largest migrant communities in Saudi Arabia, with an estimated 2.64 million working there as of 2023.
As Saudi Arabia pushes ahead with its Imaginative and prescient 2030 financial modernization plan, there’s an growing demand for expert labor.
These developments mark a big step within the continued partnership between Pakistan and Saudi Arabia, reflecting their dedication to enhancing bilateral ties and supporting Pakistan’s financial stability.