ISLAMABAD – Abu Dhabi has agreed to deposit US$2 billion to the State Bankof Pakistan as part of its agreement to loan $3 billion to Islamabad.
A deposit agreement was made between the State Bank of Pakistan and the AbuDhabi Fund for Development on Saturday.
The funds are expected to be received shortly.
In January, the State Bank of Pakistan received $1 billion of the $3billion loan promised to the country by the UAE. The rate of return for theloan is 3%.
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The agreement was signed by State Bank of Pakistan Governor Tariq Bajwa andthe Abu Dhabi Development Fund chairperson.
The funds were to be transferred to Pakistan in three instalments.Pakistan’s foreign reserves went up to $14 billion from the previous $13billion after the first instalment was transferred.
