UAE rolls over $2b deposit with SBP: Dar

By: News Desk
Published: 10:12 PM, 18 Jan, 2023
UAE rolls over $2b deposit with SBP: Dar
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Federal Finance Minister Ishaq Dar Wednesday said that Abu Dhabi Fund for Development (ADFD) has rolled over their deposit of $2billion with State Bank of Pakistan.

The finance minister shared the good news on his Twitter handle saying that this was discussed by Prime Minister Shehbaz Sharif with His Highness the President of UAE during last week’s official visit to the UAE.

“Long live Pak-UAE friendship!” wrote the finance minister.

Prime Minister Muhammad Shehbaz Sharif last week met UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi wherein the latter agreed to roll over the existing loan of US$2 billion and provide US$1 billion additional loan to Pakistan.

In the meeting that took place in Abu Dhabi during prime minister’s two-day visit, both the sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.

Sheikh Mohamed bin Zayed welcomed Prime Minister Shehbaz Sharif to Abu Dhabi and wished progress and prosperity for Pakistan. He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE.

The prime minister thanked the UAE president for inviting him to the brotherly country.

The two leaders discussed the fraternal relations existing between Pakistan and the UAE; and explored ways and means to further strengthen these ties, especially in the fields of trade, investment and energy.

The two leaders also had an exchange of views on regional and international issues of mutual interest. They also expressed satisfaction over the pace of steady progress in bilateral relations.

Categories : Business