KSA Crown Prince’s Asian tour kicks off with US$20 bn investment in Pakistan

Prince Mohammed bin Salman, Crown Prince of Saudi Arabia signed a US$20 billion worth of investments deal to strengthen economic ties with Pakistan during his visit to the country as part of an Asian tour.

Read: Pakistan PM pushes for stronger energy ties with Central Asia

During an interview, the Crown Prince said that the investment is “big for Phase 1”; but affirms that it will “definitely grow every month and every year, which will eventually be beneficial for both countries”.

The investments focus on the energy sector, which includes a US$10 billion refinery and petrochemicals complex in Gwadar City, and a memorandum of understanding for agriculture and minerals.

On the other hand, Pakistani Prime Minister Imran Khan says, “Saudi Arabia has always been a friend in need, which is why we value it so much. I want to thank you for the way you helped us when we were in bad situation.”

The Crown Prince’s visit is the biggest state visit since President XI Jinping of China visited the country in 2015.

Recently, Saudi Arabia helped Pakistan by giving a loan worth US$6 billion to bolster its foreign exchange reserves while Islamabad negotiates with the IMF for a bail-out.

“We have been a brotherly country, a friendly country to Pakistan. We’ve walked together in tough and good times, and we (will) continue,” the Prince said.