RIYADH, 20 July 2004 — The Saudi-Pak Industrial and Agricultural Investment Company Saturday approved SR79 million to finance 25 companies in manufacturing, financial, chemical construction, communication, textile and energy sectors in Pakistan.
The approval was given at the company’s 89th board of directors meeting held in Dubai, UAE, chaired by Dr. Abdullah T. Al-Thenayan, who is also director general of Arab Company for Livestock Development, Saudi Arabia.
“The projects financed by Saudi-Pak will generate new employment opportunities and add value to gross domestic product,” Al-Thenayan said, adding that the funding will assist the expansion of existing production facilities and creation of additional capacity.
Saudi-Pak is Saudi Arabia and Pakistan joint venture with a paid up capital of SR133 million, held in equal proportion by the governments of Saudi Arabia and Pakistan. The board expressed satisfaction over the role performed by Saudi-Pak in promoting growth of industrial sector in Pakistan.
Saudi-Pak offers financial services to medium and large-scale industrial projects in private and public sectors. Over the years, the company has diversified its product line to meet the growing needs of its customers
“Saudi-Pak is playing an important role in promoting brotherly relations between the people of the two countries, “Al-Thenayan said. He added that the project is committed to accelerate industrial projects sponsored by private sector.
Since its inception, Saudi-Pak has provided financing facilities of SR1.4 billion which includes direct equity investment of SR157 million and term financing of SR1.3 billion. In addition, it has also provided the underwriting of public issue of shares and guarantees for a total amount of SR165 million.