Saudi Arabia has decided to increase its development assistance to Pakistan from $65 million to $100 million as a token of its appreciation for Pakistan's impressive economic performance over the last four years. The Finance Minister of Saudi Arabia, Dr. Ibrahim, and the Vice-Chairman and Managing Director of the Saudi Fund for Development, Yousuf Al-Bassam, called yesterday on Finance Minister Shaukat Aziz in his office and discussed this increase and also signed a $25 million assistance agreement for the Makran Coastal Highway Project. Projects in the spheres of water, health, education and roads will also be funded by Saudi Arabia.

Dr Ibrahim asked Pakistan to submit the details of the projects in the agreed areas that require Saudi funding. He also stated that the private sector of Saudi Arabia was taking a keen interest in Pakistan and would be investing there owing to its considerably improved investment climate.

Earlier, while welcoming the Saudi delegation, Shaukat Aziz briefed them about the progress Pakistan has made on the economic front over the last four years, explaining to his counterpart that the government will be dealing mainly with job creation, raising the investment level, accelerating economic growth and further reducing the country's debt burden.