UAE to roll over $2B loan, give additional $1B to Pakistan

By Tuba Sahin

ANKARA (AA) – The United Arab Emirates (UAE) will roll over the existing loan of $2 billion to Pakistan and provide a $1 billion additional loan, Pakistan’s federal minister for information said on Thursday.

Pakistani Prime Minister Shehbaz Sharif met with UAE President Sheikh Mohamed bin Zayed Al Nahyan during his two-day visit to the Gulf country.

"Two leaders addressed the fraternal relations existing between Pakistan and the UAE; explored ways and means to further strengthen these ties, especially in the fields of trade, investment, and energy," Marriyum Aurangzeb wrote on Twitter.

Separately, the prime minister said on Twitter: "We share a resolve and understanding that continuous efforts need to be made to further strengthen trade, investment & economic relations."

On Tuesday, Saudi Arabia announced boosting its investments in Pakistan to $10 billion and raising its deposits in Pakistan's central bank to $5 billion.