close
Monday December 06, 2021

UAE grants extension in $2 bn loan repayment to Pakistan

The UAE had provided a $2 billion loan deposit in January and February 2020 which have now matured.

April 21, 2021

ISLAMABAD: The United Arab Emirates (UAE) has decided to roll-over the $2 billion deposit by the Abu Dhabi Fund to Pakistan, with assurance that the Emirate was committed to extend every possible support to Pakistan.

The UAE had provided a $2 billion loan deposit in January and February 2020 which have now matured. The announcement was made by UAE’s Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan in a meeting with Foreign Minister Shah Mahmood Qureshi at the UAE’s Ministry of Foreign Affairs in Abu Dhabi on Monday night.

This was the foreign minister’s second visit to the UAE in the past five months. Pakistan’s Foreign Office also welcomed this gesture from the Emirates with the spokesman commenting, “We greatly appreciate the UAE’s continued support and cooperation. The UAE’s decision to roll-over the USD 2 billion deposit by the Abu Dhabi Fund is yet another manifestation of theclose cooperative relations between the two countries.”

Earlier, after holding wide ranging discussions with his Emriti counterpart, Qureshi tweeted, “I had a productive meeting with His Highness Abdullah Zayed Al Nayan. Strengthening of ties, with discussions on trade, diaspora welfare greater people to people connect. Discussed our belief in and efforts for peace and stability in South Asia. We look forward to showcasing Pakistan’s history, culture and high potential for trade, investment and tourism at Expo2020 Dubai.”

Delegation-level talks were held at the UAE Foreign Ministry followed by a meeting by the two foreign ministers. The foreign ministers also discussed ways to provide fresh impetus to existing Pakistan-UAE ties. In this regard, they agreed to facilitate ministerial level visits from both sides.

“Foreign Minister Qureshi thanked the UAE for its continued support and cooperation bilaterally, as well as at the international fora, underscoring that the decision reflected the warm and brotherly ties between the two countries,” said the Foreign Office.

However, despite the foreign minister taking up the issue of lifting ban on Pakistani visas in several meetings, there was no breakthrough in this regard, though Foreign Minister Abdullah thanked Qureshi and acknowledged the valuable role played by Pakistani diaspora in the UAE’s growth and prosperity.

In his meeting with Zayed Al Nayan, the foreign minister emphasised the need for nurturing and strengthening people-to-people linkages, as well as removing impediments that hamper travel between the two countries.

Qureshi lauded the positive contribution of Pakistani diaspora in the UAE towards the development and progress of both countries. Earlier, Qureshi had raised the issue of lifting the ban on visas in his meetings with UAE Minister for Tolerance and Coexistence, Sheikh Nahyan Mabarak Al Nahyan and Minister of State for Foreign Affairs Ahmed bin Ali Al Sayegh.

Both sides reaffirmed their mutual desire to further strengthen cordial relations between the two countries. “They reviewed the entire gamut of bilateral relations, discussing ways to enhance cooperation in diverse areas including trade, investment, infrastructure, energy, technology, tourism and manpower,” said the Foreign Office.

Qureshi outlined his plans for showcasing the history as well as the future potential of Pakistan-UAE cooperation at EXPO 2020 Dubai in October 2021. He lauded the positive contribution of Pakistani diaspora in the UAE towards the development and progress of both countries. He emphasised the need for nurturing and strengthening people-to-people linkages, as well as removing impediments that hamper travel between the two countries.

The foreign ministers also exchanged views on regional and global issues of mutual interest. Qureshi briefed his counterpart on the grave human rights situation in the Indian Illegally Occupied Jammu and Kashmir (IIOJ&K) and Pakistan’s consistent efforts to support the ongoing peace and reconciliation process in Afghanistan.

Expressing sincere appreciation for UAE’s warm hospitality, Qureshi reiterated his invitation to Foreign Minister Abdullah to visit Pakistan at the earliest opportunity, which was accepted by Foreign Minister Abdullah.