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UAE extends $200 mn aid to Pakistan for development of economic projects

The announcement came after Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan concluded his one-day visit to the country on Thursday.

Press Trust of India  |  Islamabad 

Dollar, US, $

The United Arab Emirates has extended $200 million aid to for the development of the small and medium-sized enterprises in the country, Finance Adviser to Prime Minister Imran Khan has said.

The announcement came after Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan concluded his one-day visit to the country on Thursday.

The adviser, Abdul Hafeez Shaikh, on Thursday said "the money will be spent on small business promotion and jobs. This support is testimony to the expanding economic relations and friendship between our countries."

The Crown Prince directed the Khalifa Fund for Enterprise Development to allocate $200 million in order to assist the Pakistani government's efforts to create a stable and balanced national that will help achieve the country's sustainable development, Dawn News reported on Friday.

During the visit, the prince met Prime Minister Khan and held talks on bilateral, regional and issues.

The is Pakistan's largest trading partner in the Middle East and a major source of investments. The is also among Pakistan's prime development partners in education, health and energy sectors.

It hosts more than 1.6 million expatriate Pakistani community, which contributes remittances of around $4.5 billion annually to the GDP.

This is the Crown Prince's second visit to since Khan took office in August 2018. He had last visited on January 6 last year, just weeks after his country offered $3 billion financial assistance to Pakistan to deal with its balance of payment crisis.

The Crown Prince's visit was considered by experts as an attempt to woo Pakistan against the backdrop of recent developments when Saudi Arabia and apparently used pressure to stop Pakistan from attending the Kuala Lumpur summit held last month.

The summit from December 19-21 was seen by Saudis as an attempt to create a new bloc in the Muslim world that could become an alternative to the dysfunctional Organisation of Islamic Cooperation led by the Gulf Kingdom.

First Published: Fri, January 03 2020. 12:30 IST
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