ISLAMABAD: Prime Minister Shehbaz Sharif will attend the 8th edition of the Future Investment Initiative (FII) in the Saudi capital of Riyadh on Oct. 29-30, the Pakistani foreign office said on Monday, adding that the Pakistan premier is also expected to meet the Saudi Crown Prince during the visit.
The FII serves as an important platform for countries to showcase their economic strength, draw foreign investments, and engage in dialogue to shape a sustainable future.
This year’s FII, themed as ‘Infinite Horizons: Investing Today, Shaping Tomorrow,’ will focus on global investments in artificial intelligence (AI), robotics, education, energy, space, finance, health care and sustainability.
During the visit, PM Sharif is expected to hold important bilateral talks with Crown Prince Mohammed bin Salman and other senior Saudi officials, according to the Pakistani foreign office.
“The two sides will discuss economic and strategic partnership between Pakistan and the Kingdom of Saudi Arabia and explore bilateral cooperation in the economic, energy, and defense domains,” it said in a statement.
“The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII 8th edition conference.”
In April this year, Sharif had met the Saudi Crown Prince on the sidelines of a special meeting of the World Economic Forum in Riyadh. The two figures had discussed bilateral ties and regional issues, including Israel’s war on Gaza, according to Sharif’s office.
Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.
Both Pakistan and Saudi Arabia have also been closely working to increase bilateral trade and investment deals, and the Kingdom this year reaffirmed its commitment to expedite an investment package worth $5 billion.
Pakistan PM to attend Future Investment Initiative in Riyadh on Oct. 29-30
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Pakistan PM to attend Future Investment Initiative in Riyadh on Oct. 29-30
- The FII serves as an important platform for countries to showcase their economic strength and draw foreign investments
- This year, the forum will focus on global investments in AI, robotics, education, energy, space, finance and health care
EU, Pakistan sign €60 million loan agreement for clean drinking water in Karachi
- Project will finance rehabilitation, construction of water treatment facilities in Karachi city, says European Investment Bank
- As per a report in 2023, 90 percent of water samples collected from various places in city was deemed unfit for drinking
ISLAMABAD: The European Investment Bank (EIB) and Pakistan’s government on Wednesday signed a €60 million loan agreement, the first between the two sides in a decade, to support the delivery of clean drinking water in Karachi, the EU said in a statement.
The Karachi Water Infrastructure Framework, approved in August this year by the EIB, will finance the rehabilitation and construction of water treatment facilities in Pakistan’s most populous city of Karachi to increase safe water supply and improve water security.
The agreement was signed between the two sides at the sidelines of the 15th Pak-EU Joint Commission in Brussels, state broadcaster Radio Pakistan reported.
“Today, the @EIB signed its first loan agreement with Pakistan in a decade: a €60 million loan supporting the delivery of clean drinking water for #Karachi,” the EU said on social media platform X.
Radio Pakistan said the agreement reflects Pakistan’s commitment to modernize essential urban services and promote climate-resilient infrastructure.
“The declaration demonstrates the continued momentum in Pakistan-EU cooperation and highlights shared priorities in sustainable development, public service delivery, and climate and environmental resilience,” it said.
Karachi has a chronic clean drinking water problem. As per a Karachi Water and Sewerage Corporation (KWSC) study conducted in 2023, 90 percent of water from samples collected from various places in the city was deemed unsafe for drinking purposes, contaminated with E. coli, coliform bacteria, and other harmful pathogens.
The problem has forced most residents of the city to get their water through drilled motor-operated wells (known as ‘bores’), even as groundwater in the coastal city tends to be salty and unfit for human consumption.
Other options for residents include either buying unfiltered water from private water tanker operators, who fill up at a network of legal and illegal water hydrants across the city, or buying it from reverse osmosis plants that they visit to fill up bottles or have delivered to their homes.
The EU provides Pakistan about €100 million annually in grants for development and cooperation. This includes efforts to achieve green inclusive growth, increase education and employment skills, promote good governance, human rights, rule of law and ensure sustainable management of natural resources.
