Saudi Crown Prince signs $20 billion in agreements with Pakistan
NO REPORTER NARRATION.
Saudi Arabia has signed agreements with Pakistan worth $20 billion, Saudi-owned Arabiya TV quoted Saudi Arabia's Crown Prince Mohammed bin Salman as saying on Sunday (February 17).
The Saudi Royal met with Pakistan Prime Minister Imran Khan in a red carpet welcome at the Chaklala military airport in the garrison city of Rawalpindi, before moving to a welcoming ceremony at Khan's residence, where the deal on investments is reported to have taken place.
Cash-strapped and in need of friends, Pakistan is welcoming the crown prince with open arms for a visit during which he is expected to sign investment agreements for a $10 billion refinery and petrochemicals complex in the coastal city of Gwadar, where China is building a port.
The crown prince arrived in Pakistan on Sunday at the start of his tour of South Asia and China, but the visit risks being overshadowed by escalating tensions between nuclear-armed rivals India and Pakistan.
Saudi Arabia has in recent months helped keep Pakistan's economy afloat by propping up its rapidly dwindling foreign exchange reserves with a $6 billion loan, giving Islamabad breathing room as it negotiates a bailout with the International Monetary Fund.
Mohammed bin Salman is also likely to meet representatives of the Afghan Taliban militant group to discuss peace negotiations to end the 17-year civil war in Afghanistan, Pakistani government sources say.
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