KARACHI: Pakistan’s Finance Minister Muhammad Aurangzeb on Tuesday requested expedited disbursements under the Saudi Oil Facility in a meeting with Sultan bin Abdulrahman Al-Murshid, the top official at the Saudi Fund for Development (SFD), on the sidelines of the IMF-World Bank Spring Meetings in Washington.
The facility, agreed earlier this year, enables Pakistan to defer up to $1.2 billion in oil import payments, offering critical support to its foreign reserves amid a fragile economic recovery.
The SFD, a state-owned Saudi institution, provides concessional loans and grants to developing countries and has been a long-time financier of infrastructure and energy projects in Pakistan.
“The Minister requested expedited disbursements under the Saudi Oil Facility and assured the provision of evidence of oil shipments,” the finance ministry said in a statement issued Wednesday.
Aurangzeb noted that Pakistan’s macroeconomic outlook had improved, pointing to Moody’s recent upgrade of the country’s credit rating to B- with a stable outlook.
Pakistan and Saudi Arabia signed 27 memorandums of understanding (MoUs) worth $2.2 billion in early October 2024 during the Saudi investment minister’s visit to Islamabad.
The number and value of these deals increased later that month during Prime Minister Shehbaz Sharif’s visit to Riyadh, reaching 34 MoUs with a total projected investment of $2.8 billion.
By December, seven of these had been converted into agreements valued at $560 million, with several already under implementation at both the government-to-government (G2G) and business-to-business (B2B) levels.
During his meeting with the top SFD official, the Pakistani finance chief recalled his participation in the Al-Ula Conference on Emerging Markets held in Saudi Arabia in February, where he met with senior Saudi officials, including the kingdom’s finance minister, to expand economic cooperation.
During their conversation, Aurangzeb reviewed the SFD’s ongoing development portfolio in Pakistan and expressed satisfaction with the pace of implementation.
He also sought the SFD’s financial support for the National Highway N-25 infrastructure project.
Pakistan’s finance minister seeks faster disbursements under Saudi oil facility in talks with SFD chief
https://arab.news/rjef7
Pakistan’s finance minister seeks faster disbursements under Saudi oil facility in talks with SFD chief
- Muhammad Aurangzeb calls for SFD’s support for the National Highway infrastructure project
- He says Pakistan’s macroeconomic outlook has improved, with its credit rating hitting B-minus
Veon Group invests $20 million in Pakistan’s Mobilink Bank to accelerate digital Islamic banking
- The investment builds on $15 million capital deployed by Veon in January 2025
- The capital will be used to scale the bank’s micro, small and medium enterprises
KARACHI: Global digital operator Veon Group has announced an investment of $20 million in Pakistan’s Mobilink Bank to support its growth and digital Islamic banking expansion in Pakistan, it said on Friday.
Mobilink Bank is a part of Veon Group, a global digital operator that provides services to over 150 million connectivity customers and over 140 million monthly active digital users. The Nasdaq-listed company operates across five countries that are home to more than 6 percent of the world’s population.
The investment builds on $15 million capital deployed by Veon in January 2025 and underscores its confidence in Mobilink Bank’s growth momentum and its integrated digital financial ecosystem with JazzCash, amid the rapid expansion of Pakistan’s digital banking and microfinance sector, according to Veon Group.
The capital will be used to scale Mobilink Bank’s micro, small and medium enterprises (MSME) financing portfolio, advance its Islamic banking offerings, and strengthen its evolution into a technology-driven, digitally native bank, with a continued focus on expanding regulated financial access for underserved communities.
“This investment will accelerate the expansion of our shariah-compliant Islamic banking offerings, helping small businesses formalize cash flows, access regulated credit, and build long-term financial resilience,” said Haaris Mahmood Chaudhary, president and chief executive officer of Mobilink Bank.
“As a future-ready digital bank, our focus remains on delivering practical, technology-enabled financial solutions that empower entrepreneurs — particularly women and underserved communities — across Pakistan.”
Mobilink Bank’s expanding deposit base and MSME-oriented lending portfolio are enabling small businesses to transition from informal cash usage to regulated banking, while targeted women-centric financial products and green financing initiatives support inclusive growth and resilience in the face of Pakistan’s climate and economic challenges, according to a statement issued by Veon Group.
Mobilink Bank, together with JazzCash, which serves over 57 million customers and is supported by a nationwide network of more than one million merchants and agents, anchors one of Pakistan’s largest digital financial ecosystems. During the year, JazzCash processed gross transaction value exceeding Rs15 trillion ($53 billion), underscoring the scale, resilience, and impact of fintech in advancing financial inclusion, social mobility, and responsible digital innovation across Pakistan.
The investment reflects Veon Group’s broader digital strategy of strengthening high-impact financial ecosystems through technology-led solutions and disciplined capital deployment, positioning Mobilink Bank as a key contributor to Pakistan’s evolving financial sector, according to the global digital operator.
“This continued stream of investment from VEON underscores our long-term commitment to Pakistan and confidence in the structural shift underway in the country’s digital financial services ecosystem,” Veon Group Executive Committee Member and Chairman Mobilink Bank, Aamir Ibrahim, was quoted as saying.
“It strengthens Mobilink Bank and JazzCash’s ability to execute on our strategic priorities, invest in resilient technology infrastructure, and contribute to the development of inclusive and sustainable digital banking.”
