ISLAMABAD, April 19: The Board of Directors of Saudi Pak Industrial and Agricultural Investment Company has approved a total financing of Rs888 million to 19 companies in manufacturing, services, pharmaceutical, telecommunication, energy and miscellaneous sectors.

According to a statement issued here, the approval was made in the 83rd Board of Directors meeting held at Dubai on Saturday. The meeting was presided over by Dr. Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Kingdom 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 inception Saudi Pak has provided financing facilities of Rs16,309.121 million, and term financing of Rs14,693.776 million. In addition, the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs2,024.217 million.

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 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.

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