Saudi Crown Prince MBS Signs $20 Billion Investment In Pakistan

New Delhi: Even as India vowed to isolate Pakistan diplomatically following the Pulwama attack, Saudi Arabia has pledged investment deals worth $20 billion to bolster Pakistan’s fragile economy.

The deals include funding for an $8 billion oil refinery in Gwadar.

The deal was signed during the ongoing visit of Saudi Crown Prince Mohammad Bin Salman, popularly known as MBS to Pakistan during his Asia tour. He deferred the visit by a day owing to the Pulwama terror attack.

Saudi Arabia is considered a close ally of Pakistan has made enormous contribution to it in the form of humanitarian aid.  Saudis provided a grant of $10 million during the 2005 earthquake, $170 million during the 2010/11 floods, and a $1.5 billion grant when Pakistan faced an economic crisis in 2014. It wouldn’t be wrong to say that Pakistan has received more aid from Saudi Arabia than any country outside the Arab world since the 1960s.

MBS thanked Pakistan for being there when Saudi Arabia was in a bad situation and also expressed that he “cannot say no to Pakistan, whatever you (Pakistan) want we will do.”

Pakistan Monday conferred its highest civilian award Nishan-e-Pakistan on Saudi Crown Prince Mohammad bin Salman for his “outstanding support” in reinvigorating the ties between the two countries.

However, his visit and the financial commitment could come as a setback for India as it is reaching out to nations across the globe to isolate Pakistan for aiding terror groups to create unrest in the Kashmir valley.

However, Saudi Arabia had expressed horror and condemned the Pulwama attack.

The Crown Prince, who was driven by Pakistan premier Imran Khan himself as he arrived in Islamabad, will be visiting India after completing his two-day visit in Pakistan. He is scheduled to meet Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan. After that, he will be travelling to China on Thursday and Friday.