ISLAMABAD, Nov 25: The 81st board of directors meeting of Saudi Pak Industrial and Agricultural Investment Company Limited approved a total financing of Rs490 million to 13 companies in manufacturing services and financial sectors.

According to a press release issued here on Monday, the financing will facilitate expansion of existing production facilities and creation of additional capacities.

The board’s meeting was held at Riyadh, Saudi Arabia, on November 23, 2002, under chairmanship of Dr Adbullah T. Al- Thenayan, who is also director general of Arab Company for Livestock Development, Saudi Arabia, the press release said.

The board reviewed the operating performance of the company for the 10 months ended October 31, 2002, of current financial year and expressed its satisfaction on the key areas of operations, including approvals and disbursements of new financing and position of collection of dues from long-term and short-term financing portfolio.

The board expressed satisfaction over the role performed by Saudi Pak in promoting growth of industrial sector in Pakistan.

Since inception Saudi Pak has provided financing facilities of Rs14,325 million, which includes direct equity investment of Rs1.615 million, and term financing of Rs12,710 million. In addition, the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs1.966 million.

The board also approved the operational strategy and budget for the year 2002. The company‘s financing operations are planned to be geared up in 2003.

Saudi Pak, a joint venture of Kingdom of Saudi Arabia and Islamic Republic of Pakistan, is playing an important role in promoting brotherly relations between the people of Pakistan and Saudi Arabia. it is committed to accelerate 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, communications, etc. The projects financed by Saudi Pak are located throughout the country.

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