ISLAMABAD, Sept 21: Saudi Pak Industrial and Agricultural Investment Company (pvt) Limited on Saturday approved a total financing of Rs351 million to 11 companies in manufacturing, financial services, communication and petroleum sectors.

The financing will facilitate expansion of existing production facilities and create additional capacities.

Board of Directors of the company has given approval, in this connection, in its 80th meeting held in Dubai on Saturday, under the chairmanship of Dr Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.

The board reviewed the operating performance of the company for the first eight months ending August 31, 2002 of current financial year and expressed its satisfaction on all the key areas of operation including approval and disbursements of new financing and position of collection of dues from long-term and short-term financing portfolio.

Since inception the company has provided financing facilities of Rs14,505 million, which includes direct equity investment of Rs1,690 million, and term financing of Rs12,815 million. In addition the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs1,825 million.

The company, a joint venture of Kingdom of Saudi Arabia and Islamic Republic of Pakistan, is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector.—APP