Pakistan has a good news from Saudi Arabia over economic front

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Pakistan has a good news from Saudi Arabia over economic front

*ISLAMABAD:Pakistan has a good news from the Saudi Arabia over economic front as Saudi Arabia has agreed to fund Pakistan in shape of a big loan for hydropower project. *

Pakistan has succeeded in convincing Saudi Arabia to provide a loan of 131.125 million Saudi riyal for the construction of Jagran-IV Hydropower Project, Express Tribune has reported.

In this regard, the Economic Affairs Division (EAD) has written a letter to the Federal Board of Revenue to exempt imports for this project from customs duty.

The letter, signed by EAD Secretary Shaukat Ali, stated that a draft of the loan agreement had been prepared between Pakistan and Saudi Development Fund for the construction of Jagran-IV Hydropower Project and it would be signed by the relevant authorities of the two countries.

The letter stated that in light of the PCD Handling 9903, Chapter 99 of the First Schedule of the Customs Act 1969, the project was excluded from customs duty.

Pakistan