21 August 2004	Saturday	04 Rajab 1425

ISLAMABAD, Aug 20: The 90th Board of Directors Meeting of Saudi Pak Industrial and Agricultural Investment Company Limited approved a total financing of Rs1,069 million to 13 companies in manufacturing, construction and communication sectors.

According to a press release issued here on Friday the meeting was held at Dubai on Friday under the Chairmanship of Dr. Abdullah T. Al-thenayan, who is also Director General of Arab Company for Livestock Development, kingdom of Saudi Arabia.

The companies in the manufacturing sector belong to Sugar, Cement, Chemical, Pharmaceutical and automobile industries. The financing will facilitate expansion of existing production facilities besides setting up new projects. The projects financed by Saudi Pak will generate around 500 new employment opportunities and add value to gross domestic product.

Since inception Saudi Pak has provided financing facilities of Rs26,020 million, which includes direct equity investment of Rs2,200 million, and term financing of Rs21,344 million. In addition the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs2,476 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 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, petroleum and communications, etc.

The projects financed by Saudi Pak are located throughout the country. The paid-up capital of the company is Rs2 billion held in equal proportion by the Kingdom of Saudi Arabia and the government of Pakistan.

The Board of Directors expressed satisfaction over the role of Saudi Pak in promoting growth of industrial sector in Pakistan.