ISLAMABAD, July 5: Saudi-Pak Industrial and Agricultural Investment Company has approved financing of Rs1.012 billion to 23 companies in manufacturing, services, financial, communication and miscellaneous sectors.

According to a press release issued by the company here, the approval was made at the 84th board of directors meeting held at Dubai, UAE, on Saturday under chairmanship of Dr Abdullah T. Al-Thenayan, who is also director-general of Arab Company for Livestock Development of Saudi Arabia.

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 its inception Saudi-Pak has provided financing facilities of Rs17.57 billion, which includes direct equity investment of Rs1.615 billion and term financing of Rs15.95 billion. In addition the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs2.024 billion.

Saudi-Pak Investment Company, a joint venture of Saudi Arabia and Pakistan, is playing an important role in promoting brotherly relations between the people of the two countries.

The company is committed to accelerating industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by the private sector.

Its financing is spread over all the key economic sectors including chemicals, engineering, textile, cement, communication, etc. The paid up capital of the company is Rs2 billion held in equal proportion by the government of Saudi Arabia and the government of Pakistan.