April 20, 2024
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RENEWABLE ENERGY

Pakistan and Saudi Fund for Development Explore Collaboration on Multifaceted Projects

Pakistan and the Saudi Fund for Development (SFD) are poised to strengthen their partnership through collaboration on various projects spanning energy, health, education, and infrastructure.

A recent visit by a Saudi delegation culminated in the signing of two loan agreements worth $107 million to finance hydropower projects in Azad Kashmir, underscoring Pakistan’s commitment to sustainable energy and economic development, Arab News reports.

The SFD, a key development agency of the Saudi government, has a history of supporting Pakistan’s development efforts through financial aid and assistance.

Past collaborations have encompassed diverse sectors, including infrastructure, education, and healthcare, contributing significantly to Pakistan’s socio-economic progress.

Pakistan’s Economic Affairs Division Secretary Kazim Niaz highlighted the ongoing discussions between Pakistan and SFD, emphasizing the mutual interest in exploring future cooperation opportunities.

“We already had a framework agreement with SFD. As the Saudi delegation concluded its visit [on Sunday], we have discussed a pipeline of numerous projects for future cooperation, in which they have shown keen interest,” Niaz told Arab News, adding: “These projects are in the energy, health, education and infrastructure sectors.”

While specific project details were not disclosed, Niaz indicated that a pipeline of initiatives had been proposed, awaiting Saudi feedback for further advancement.

The signed loan agreements will fund the Shounter and Jagran-IV hydropower projects in Azad Jammu and Kashmir, aiming to generate 70 MW of electricity for the national grid.

This initiative reflects the shared commitment to enhancing energy sustainability and addressing Pakistan’s power needs.

Looking ahead, both parties are set to convene in Riyadh during the annual meetings of the Islamic Development Bank, providing a platform for continued dialogue and collaboration.

Niaz expressed optimism regarding the future of Pakistan-SFD cooperation, highlighting the significant role played by SFD in supporting Pakistan’s development endeavors over the years.

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