ISLAMABAD: Saudi Arabia’s plan to invest in China-Pakistan Economic Corridor (CPEC) projects is a “positive factor” in contributing to “better interconnectivity, development and prosperity” in the region, Chinese Foreign Ministry spokesman Lu Kang said on Monday.

Earlier, the deputy chief of the Chinese Embassy in Islamabad, Lijian Zhao, said his country has praised Saudi Arabia’s planned investments in Chinese-funded infrastructure projects.

CPEC is the flagship project of the multibillion-dollar Belt and Road Initiative (BRI) of China’s President Xi Jinping, which aims to enhance his country’s global influence by funding infrastructure projects.

After the maiden visit of Pakistani Prime Minister Imran Khan to Saudi Arabia last month, Islamabad said the Kingdom will be the third “strategic partner” in the $50 billion CPEC.

Earlier this month, a Saudi delegation visited Pakistan and agreed in principle to invest in a new state-of-the-art oil refinery in Gwadar, a deep-sea port in Balochistan province. The two sides are set to sign a formal agreement by the end of this month or early November.

“It is good news for Pakistanis that Saudi Arabia is going to invest billions of dollars in Pakistan’s oil and gas sector,” Pakistani Information Minister Fawad Chaudhry said last week.