DUBAI: Pakistan and United Arab Emirates have signed an agreement to grant $3 billion loan to Islamabad.
The agreement for $3 billion loan was signed by Governor State Bank of Pakistan Tariq Bajwa and Chairman Abu Dhabi Development Fund.
As per the accord, UAE will transfer $1 billion to Pakistan within a few days while the remaining $2 billion will be handed over in two installments in two weeks.
Crown Prince of Abu Dhabi and Deputy Supreme Commander of United Arab Emirates (UAE)'s Armed Forces Sheikh Mohammed bin Zayed Al Nahyan visited Pakistan in the first week of January.
It was reported that Sheikh Mohammed was expected to officially announce a support package for Pakistan during his two-day visit to the country on January 6. But no such announcement was made.
Reportedly, all relevant terms and conditions were finalised, and the UAE was about to induct $3 billion cash deposit into the Pakistan economy and $3.2 billion worth of oil supplies on deferred payments for one year.