July 12, 2006	Wednesday	Jumadi-ul-Sani 15, 1427

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ISLAMABAD, July 11: Saudi Arabia will provide $133 million grant in assistance to Pakistan for the reconstruction of quake affected areas of Azad Kashmir and NWFP. An agreement to this effect was signed between Economic Affairs Division (EAD) Secretary Khalid Saeed and the vice- chairman and managing director of Saudi Fund for Development, Yousef I. Al Bassam, here on Tuesday.

Under the agreement, the amount would be utilised for the reconstruction of Azad Kashmir University, government offices and residences in Rawalakot and Bagh districts, education institutions in AJK, hospitals and health units at District Headquarter hospital, Mansehra, and Ayub Medical College and Hospital Complex, Abbottabad.

Speaking on the occasion, the EAD secretary Khalid Saeed thanked the Saudi government for its valuable support to Pakistan.

He said during the visit of the delegation, Pakistan also held negotiations on the construction of Golanbole hydel power project for which recently the Saudi Fund for Development Board has approved a soft loan of $40 million.

“All this shows a close cooperation and very close brotherly relationship that exists between the two countries.”

In his remarks, Yousef I. Al Bassam said today, the signing of this agreement showed Saudi Arabia’s full commitment to Pakistan and its people in supporting their efforts to rebuild the quake affected areas.

This grant, he said, was additional to what the Saudi Fund for Development had announced in the international conference held in Islamabad on November 19, 2005.

The fund since the commencement of its activities in Pakistan had advanced loans amounting to 1.26 billion Saudi Riyals, equivalent to Rs20.23 billion, for financing various development projects.

Saudi Arabia announced an assistance of $573 million on the occasion of the donor conference, out of which $133 million was given as grant for the reconstruction of quake devastated areas.