ISLAMABAD, Feb 13: The Board of Directors of Saudi Pak Industrial and Agricultural Investment Company approved a total financing of Rs2.176 million to 30 companies in manufacturing, financial, construction , communication, service, and energy sectors.

According to a press release issued here, the approval was given in the 87th meeting of the board held at Dubai on Friday. 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.

Bulk of the approved financing is for long-term purposes. 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. The board expressed satisfaction over the role performed by Saudi Pak in promoting growth of industrial sector in Pakistan.