KARACHI, Feb 26: The Board of directors of Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited, which met on Wednesday in Dubai, approved total financing of Rs1,413 million to 24 companies.

A press release issued by the company said that the meeting of the board was chaired by Dr. Abdullah T. Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia. Saudi Pak is a joint venture between Saudi Arabia and Pakistan, each holding a half of the paid-up capital of Rs2 billion.

Saudi Pak stated that companies for which financing was approved on Wednesday included those in manufacturing, communication, energy, pharmaceutical, food and beverages, construction, services and financial sector. “The financing will facilitate expansion of existing production facilities and creation of additional capacities,” the company said.

Since its inception, Saudi Pak had provided financing facilities of Rs15,595 million, which included direct equity investment of Rs1,615 million and term financing of Rs13,980 million, the company said and added that the company had also provided underwriting of public issue of shares and guarantees for a total amount of Rs2,024 million.