ISLAMABAD, Oct 4: The 85th Board of Directors meeting of Saudi Pak Industrial and Agricultural Investment Company Ltd approved a total financing of Rs2.39 billion to 22 companies in manufacturing, financial, petroleum, telecommunication, services, construction, transport and other miscellaneous sectors.

According to a press release issued here on Saturday, the board’s meeting was held at Dubai under the chairmanship of Dr. Abdullah T. Al-Theinayan, 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 Rs18.16 billion which includes direct equity investment of Rs1.97 billion, and term financing of Rs16.18 billion.

In addition the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs2.46bn.

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, petroleum and communications etc.