ISLAMABAD (April 20 2003) : The 83rd Board of Directors meeting of Saudi-Pak Industrial and Agricultural Investment Company (Pvt) Limited approved a total financing of Rs 888 million to 19 companies in manufacturing, services, pharmaceutical, telecommunication, energy and miscellaneous sectors.
The financing will facilitate expansion of existing production facilities and creation of additional capacities.
The projects financed by Saudi Pak will generate new employment opportunities and add value to gross domestic product, says a company press release.
The meeting was held in Dubai on Saturday under the chairmanship of Dr Abdullah T Al-Thenayan, who is also Director-General of Arab Company for Livestock Development, of Saudi Arabia.
Since inception, Saudi Pak has provided financing facilities of Rs 16,309.121 million, which includes direct equity investment of Rs 1,615.345 million, and term financing of Rs 14,693.776 million.
In addition, the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs 2,024.217 million.
Saudi Pak, a joint venture of Saudi Arabia and Pakistan, is playing an important role in promoting brotherly relations between the people of Pakistan and Saudi Arabia.
It is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector.
Its financing is spread over all the key economic sectors including chemicals, engineering, textile, cement, communications etc.
The projects financed by Saudi Pak are located throughout the country.
The paid up capital of the company is Rs two 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.