ISLAMABAD, July 17: The Board of Directors of Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited approved here on Saturday a total financing of Rs1,187 million for 25 companies in Pakistan.

The decision was taken in 89th meeting of the board which was presided over by Dr Abdullah T. Althenayan, who is also Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.

The sectors to be covered under this financing include manufacturing financial, chemical, construction, communications, services, textile and energy.

The financing, a company spokesman stated, was aimed at facilitating expansion of existing production facilities and creation of additional capacity. These were expected to generate new employment opportunities and add value to gross domestic product.

Since its inception, Saudi Pak had provided financing facilities to the tune of Rs22,429 million that includes direct equity investment of Rs2,396 million and term financing of Rs20,033 million.

In addition, the company has so far also provided the underwriting of public issue of shares and guarantees for a total amount of Rs2,476 million.

In conformity with its policy to promote industrial development in Pakistan through loans and investment facilities to projects sponsored by the private sector, the enterprises availing Saudi Pak's financing are located throughout the country.

The paid-up capital of the company is Rs2 billion held in equal proportion by the government of the Kingdom of Saudi Arabia and the government of Pakistan.