ISLAMABAD, Nov 14: Saudi Pak Industrial and Agriculture Investment has accorded approvals of long-term financing worth Rs917 million in the first 10 months of current calender year against Rs535 million in the same period last year.

Total approvals including long-term financing, underwriting, guarantees, short-term financing and leasing are to the tune of Rs1,873 million during Jan-Oct, 2001 against Rs1,090 million in the corresponding period of 2000, chief of Saudi Pak, Rashid Zahir told APP here on Wednesday.

The number of applications for financing has been higher by 33 per cent in the period as compared to the corresponding period of last year, he added.

The disbursements against the approvals of long- and short-term financing amounted Rs717 million during first 10 months, he stated.

Disbursement particularly under short-term financing depicted ascending trends and stood at Rs390 million in Jan-Oct, 2001 against Rs182 million the earlier year, he said.

Recovery has posted upbeat performance as it was around 89.43 per cent during the period against recovery ratio of 83.79 per cent in the same period last year.—APP