Riyadh eyes significant investment in Pakistan, Saudi FM says

Saudi Arabia's foreign minister said on Tuesday that Riyadh will be "moving ahead significantly" to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment.

Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a delegation on a two-day visit as part of efforts to boost economic cooperation.

His Pakistani counterpart Ishaq Dar told a joint news conference that Pakistan gave extensive briefings to the delegation on potential investment projects.

Dar outlined areas of interest for Saudi investors such as agriculture, mining, information technology and aviation.

The prince said he was very impressed with the briefings on the investment opportunities.

"This gave us some very, very significant confidence that we will be able to move forward on those projects which we decide to identify as a worthy of investment," he said, adding, "I am sure we will be moving ahead significantly."

The delegation came to follow-up on the understanding reached between Prime Minister Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman during their recent meeting in Mecca to enhance economic cooperation between the two countries.

Sharif met with the crown prince last week and discussed expediting a planned $5 billion investment package, which cash-strapped Pakistan desperately needs to shore up its dwindling foreign reserves and fight a chronic balance of payment crisis.

The Special Investment Facilitation Council (SIFC), a body consisting of Pakistani civilian and military leaders set up to promote investment in Pakistan, briefed the delegates to showcase various sectors for investment, Dar said.

The visit came ahead of Pakistan seeking a 24th bailout from the International Monetary Fund. Pakistan Finance Minister Muhammad Aurangzeb is in Washington to attend the IMF, World Bank spring meetings where he will open formal talks for the new loan programme.