UAE extends $200m aid for projects that are economic to Pakistan

UAE extends $200m aid for projects that are economic to Pakistan

The United Arab Emirates has expanded USD 200 million aid to Pakistan for the development of the small and medium-sized enterprises in the country, Finance Adviser to Prime Minister Imran Khan said.

“The cash will be spent on small business marketing and jobs. This service is testimony to the expanding economic relations and friendship between our countries,” the advisor, Abdul Hafeez Shaikh, on Thursday said.

The Crown Prince directed the Khalifa Fund for Enterprise Development to allocate USD 200 million in order to aid the Pakistani government’s efforts to create a stable and balanced national economy that will help achieve the country’s sustainable development, Dawn News reported on Friday. During the trip, the prince met Prime Minister Khan and held talks on bilateral, regional and global issues.

The UAE is Pakistan’s largest trading partner in the Middle East and a significant source of investments. The UAE is one of the prime development partners in health, education and energy sectors of Pakistan. It hosts over 1.6 million expatriate Pakistani community, which leads remittances of around USD 4.5 billion annually to the GDP.

Since Khan took office in August 17, this is the Crown Prince’s second visit to Pakistan. He’d last visited Pakistan on January 6 last year, just weeks after his nation offered USD 3 billion financial assistance to Pakistan to deal with its balance of payment crisis.

The Crown Prince’s visit was considered by experts as an effort to woo Pakistan against the backdrop of recent developments when Saudi Arabia and UAE allegedly used pressure to stop Pakistan from attending the Kuala Lumpur summit held last month.

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