UAE fund pledges $3 billion deposit to SBP

KARACHI: The Abu Dhabi Fund for Development (ADFD) on Tuesday pledged a much-awaited $3 billion through a deposit into the State Bank of Pakistan (SBP) to ease country’s foreign currency shortages. Mohammed Saif Al Suwaidi, director general of ADFD, signed an agreement, outlining the terms of the deposit with Tariq Bajwa, SBP’s governor in the United Arab Emirates’ (UAE) capital Abu Dhabi. Moazzam Ahmad Khan, ambassador of Pakistan to the UAE, Khalifa Al Qubaisi, deputy director general of ADFD, and other senior representatives of the two countries attended the signing ceremony.