Saudi Arabia to finance 3 CPEC projects

Islamabad, Sep 28 (IANS): The government of Saudi Arabia has signed three grant agreements with Pakistan to finance three road infrastructure and energy projects under the China Pakistan Economic Corridor (CPEC).

"These agreements have been inked in line with the understanding reached during Prime Minister Imran Khan's recent visit to Saudi Arabia," Information Minis­ter Fawad Chaudhry told a press conference here on Thursday.

The agreements were signed by the Saudi envoy and the officials of Pakistan's Finance Ministry, reports Dawn news.

"The first step has been taken as three grant agreements have been signed. This is a very positive step and bodes well for relations between the two countries," the Minister added.

Giving a briefing about the federal cabinet's meeting held earlier in the day, he said that a high-level Saudi delegation will arrive in Pakistan on Sunday for mate­rialising the deal between Islamabad and Riyadh.

More agreements would be inked next week between a high-level Saudi delegation and Pakistani officials, Chaudhry said.

The accords will be related to Reko Diq's gold and copper mines and the oil refinery at Gwadar Port, and the delegation would comprise the Saudi investment team, minister for petroleum and minister for energy.

"During the Prime Minister's recent visit, Saudi Arabian leaders including Crown Prince Muhammad bin Salman were eager to finalise the deal within days despite the fact that such agreements require months for materialising," the Minister said.