*ISLAMABAD:Pakistan has a good news from the Saudi Arabia over economicfront as Saudi Arabia has agreed to fund Pakistan in shape of a big loanfor hydropower project. *
Pakistan has succeeded in convincing Saudi Arabia to provide a loan of131.125 million Saudi riyal for the construction of Jagran-IV HydropowerProject, Express Tribune has reported.
In this regard, the Economic Affairs Division (EAD) has written a letter tothe Federal Board of Revenue to exempt imports for this project fromcustoms duty.
The letter, signed by EAD Secretary Shaukat Ali, stated that a draft of theloan agreement had been prepared between Pakistan and Saudi DevelopmentFund for the construction of Jagran-IV Hydropower Project and it would besigned by the relevant authorities of the two countries.
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The letter stated that in light of the PCD Handling 9903, Chapter 99 of theFirst Schedule of the Customs Act 1969, the project was excluded fromcustoms duty.
