The 89th Board of Directors meeting of Saudi-Pak Industrial and Agricultural Investment Company (Pvt) Limited was held here on July 17, 2004 under the Chairmanship of Dr Abdullah T Al-Thenayan, who is also the Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.
The Board approved a total financing of Rs 1,187 million to 25 companies in manufacturing, financial, chemical, construction, communication, service, textile and energy 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.
Since inception, Saudi-Pak has provided financing facilities of Rs 22,429 million, which includes direct equity investment of Rs 2,396 million, and term financing of Rs 20,033 million. In addition, the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs 2,476 million.
Saudi-Pak, a joint venture of Kingdom of Saudi Arabia and Islamic Republic of Pakistan, is playing an important role in promoting brotherly relations between the people of both the countries.
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, petroleum and 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 Kingdom of Saudi Arabia and the Government of Pakistan.
The Board expressed satisfaction over the role performed by Saudi-Pak in promoting growth of industrial sector in Pakistan.
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