UAE rolls over existing $2bn loan to Pakistan, announces additional $1bn

The United Arab Emirates (UAE) on Thursday agreed to lend $1 billion to Pakistan and roll over an existing $2 billion loan already in central bank reserves, ARY News reported, quoting information ministry.

Prime Minister Shehbaz Sharif on Thursday met with UAE President Sheikh Mohamed bin Zayed Al Nahyan wherein the latter agreed to roll over the existing loan of US$ 2 billion and provide US$1 billion additional loan.

The two leaders also agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.

Sheikh Mohamed bin Zayed welcomed Prime Minister Sharif to Abu Dhabi and wished progress and prosperity for Pakistan.

He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE.

The prime minister thanked the UAE president for inviting him to the brotherly country.

The two leaders discussed the fraternal relations existing between Pakistan and the UAE; and explored ways and means to further strengthen these ties, especially in the fields of trade, investment and energy.

The two leaders also had an exchange of views on regional and international issues of mutual interest. They also expressed satisfaction over the pace of steady progress in bilateral relations.

Both sides agreed on the importance of enhanced bilateral exchanges and regular dialogue at all levels to further solidify and provide momentum to the relationship.

Prime Minister Shehbaz Sharif invited Sheikh Mohamed Bin Zayed for a state visit to Pakistan to which he agreed. The dates will be decided through diplomatic channels.

Earlier in the day, Prime Minister Shehbaz Sharif on Thursday reached United Arab Emirates (UAE) on a two-day official visit.

UAE Economic Affairs minister, Abdullah Touq Al Mari and officers of Pakistani embassy received the prime minister at the airport.

The prime minister is accompanied by a high-level delegation, including key members of the federal cabinet.

PM Shehbaz Sharif is visiting UAE at the invitation of President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan. This is the prime minister’s third visit to the UAE after assuming office.