ISLAMABAD, Nov 6: The Board of Directors of Saudi Pak Industrial and Agricultural Investment Company Limited approved Rs860 million for 13 companies in financial, telecommunication, sugar, steel, energy and cement sectors.

According to a press release issued here on Saturday, the board of directors met at Riyadh (Saudi Arabia) on Friday under chairmanship of Dr Abdullah T. Al Thenayan, who is also Director General of Arab Company for Livestock Development of Saudi Arabia.

The financing would be provided in the form of loans, term finance certificates and leasing. It would help create approximately 450 job opportunities. The board also noted the progress in disbursements and recoveries.

Since inception, Saudi Pak has provided financing facilities of Rs27,548 million that includes direct equity investment of Rs2,320 million, term financing of Rs22,452 million and underwriting of public issues of shares and guarantees of Rs2,776 million.

Saudi Pak, a joint venture of Saudi Arabia and Pakistan, is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by the private sector. Its financing covered all the key economic sectors, including chemicals, engineering, textile, cement, petroleum, communications, etc.

The paid-up capital of the company is Rs2 billion held in equal proportion by Saudi Arabia and Pakistan. The board expressed its satisfaction over the role performed by Saudi Pak in promoting the growth of industrial sector in Pakistan.