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Saudi-Pak approves Rs 815 million projects
financing
ISLAMABAD (April 04 2004): The 88th Board of
Directors meeting of Saudi-Pak Industrial and
Agricultural Investment Company (Pvt) Limited on
Saturday approved total financing of Rs 815
million for 12 companies in manufacturing,
financing, construction, communication, services,
sugar and energy sectors.
The financing will facilitate expansion of
existing production facilities and creation of
additional capabilities.
The projects to be financed by Saudi-Pak will
generate new employment opportunities and add
value to gross domestic product.
Dr Abdullah T Al-Thenayan, Director General of
Arab company for LIVESTOCK development, said that
since its inception Saudi Pak has provided
financing facilities of Rs 21,356.786 million
which included direct equity investment of Rs
2,080.078 million, and term financing of Rs
19,276.708 million.
In addition, the underwriting of public issue of
shares and guarantees have also been provided for
a total amount of Rs 2,476.217 million.
Saudi-Pak, a joint venture of Saudi Arabia and
Pakistan is playing an important role in promoting
brotherly relations between the peoples of
Pakistan and Saudi Arabia.
It is committed to accelerate industrial
development in private sector. Its financing is
spread over all the key economic sectors including
chemical, engineering, textile, cement, petroleum
and communication etc. The projects financed by
Saudi Pak are located throughout the country.
The paid up capital of the company is Rs 2 billion
held in equal proportion by the Government of
Saudi Arabia and Government of Pakistan.
The Board expressed satisfaction over the role
performed by Saudi Pak in promoting growth of
industrial sector in Pakistan.
Courtesy Business Recorder |
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Pakissan.com; Advisory Point
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