Saudi Pak to finance 23 companies
The Board of Saudi Pak Industrial and Agricultural Investment approved July 5, 2003, a total financing of 1.012 billion Pakistani rupees ($17.51 million) for 23 companies in manufacturing, services, financial, communication and miscellaneous sectors.
The approval was granted at the 84th Board of directors meeting of Saudi Pak Industrial and Agricultural Investment Company was held under the Chairmanship of Abdullah Al-Thenayan, who is also Director General of Arab Company for Livestock Development, Kingdom of Saudi Arabia.
Such financing will help to facilitate the expansion of production facilities and the creation of additional capacity. The projects financed by Saudi Pak will also help generate new employment opportunities and add value to gross domestic products.
The aim of Saudi Pak Industrial and Agricultural Investment Company Limited is to strengthen the economic cooperation between Saudi Arabia and Pakistan. The company is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector (PPI).
Since its inception in December 1981, Saudi Pak has provided financing facilities, which included direct equity investment of and term financing. In addition, the underwriting of public issue of shares and guarantees has also been provided. — (menareport.com)
© 2003 Mena Report (www.menareport.com)