Kuwait and Pakistan will sign a $25 million loan agreement

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On the occasion of the 5th meeting of the Pakistan-Kuwait Joint Ministerial Commission (JMC) which was convened in Kuwait, Pakistan and Kuwait signed a loan agreement worth $25 million.

There has been a significant outcome of the meeting, which includes the agreement to sign a loan agreement for $25 million for the Mohmand Dam on June 3, in addition to assurances that Kuwait Fund support will be provided to engage the Arab Coordination Group in financing the Diamer Bhasha Dam, according to a press release issued on Friday.

On May 28, the 5th session of the Joint Military Committee convened in Kuwait, marking a significant step forward in the growth of the ties between Kuwait and the UAE.

According to Abdul Aleem Khan, Minister for Privatization, and Omar Saud Al-Omar, Minister for Commerce and Industry of the State of Kuwait, the session emphasized the importance of enhancing collaboration between sectors of the economy and emphasized the importance of strengthening cooperation between the two ministries.

It was a pleasure to have the opportunity to participate in fruitful discussions aimed at fostering mutual prosperity, as a high-level delegation of Pakistani officials, which includes Ministry of Economics, Foreign Affairs, Commerce, Overseas Pakistanis and Human Resource Development, Interior, Board of Investment, Petroleum Division, and Special Investment Facilitation Council (SIFC), participated in the discussion.

Undersecretary Ziad Abdullah Al-Najem, representing the Ministry of Trade and Industry, gave a warm greeting to the Pakistani delegation, emphasizing that the session would play a pivotal role in advancing bilateral relations between the two countries.

Additionally, the Fund said it would be willing to consider the project of Kachhi Canal for financing from the Pakistani government if a request is made for such financing.

A number of milestones were achieved during the proceedings of the JMC in fields such as industrial cooperation, engineering councils, and news exchanges, with the signing of Memoranda of Understanding (MoUs) and agreements.

In addition, it was agreed that a memorandum of understanding (MOU) would be formalised for collaboration in agriculture, maritime, and ports; the avoidance of double taxation; quality and safety standards in the maritime industry; and high education commissions.

In addition, both sides agreed to create a joint working group (JWG) responsible for addressing matters related to business and investment as well as visas and consular affairs on a joint basis.

It was expressed by Aleem, the Federal Minister for Board of Investment, Privatization, and Communication, Pakistan, that the Pakistan-Kuwait Joint Ministerial Committee having convened for the fifth time was a great highlight for the government and the responsibilities of his ministry.

A vital part of strengthening economic ties is the involvement of the private sector, he stressed. Furthermore, he urged Kuwait to streamline the application process for Pakistani visas, a crucial step for the advancement of economic partnership, as well as the facilitation of meaningful interaction, as Pakistan has a vast pool of highly skilled professionals in various fields.

It is also his intention to extend an invitation to Kuwaiti investors so that they can utilize Pakistan’s SIFC and identify investment opportunities in the key sectors.

As a result of the successful conclusion of memoranda and the establishment of JWGs in the areas of industry, engineering, and news exchange, the minister commended the positive outcomes achieved.

During the meeting, he emphasized that he was grateful for the hospitality extended by the Kuwait counterparts, as well as the dedication of the experts to advancing mutual interests among the two countries.

Dr Kazim Niaz, Secretary of the Ministry of Economic Affairs and head of the delegation at the technical level, highlighted the JMC’s potential to enhance trade and foster education, science, and cultural cooperation.

He expressed optimism that the economic and cultural benefits that will accrue to both countries from Kuwait’s investment in Pakistan’s strategic sectors will be mutual.

Trade, agriculture, livestock, maritime, and port issues were discussed during the session, as well as industries and production, investment, energy, oil, and natural resources, employment overseas, visas, higher education, science and technology, banking, finance, taxation, arts and culture, sports, tourism, health, and information and broadcasting.

The Pakistan-Kuwait Joint Meeting Committee hosted its 5th session in Kuwait, and Aleem expressed gratitude to Kuwait for hosting.

It was his expectation that there would be significant progress in all areas of mutual interest during the 6th session of the Joint Military Commission in Islamabad.

According to Kuwait’s Minister of Foreign Affairs and International Cooperation, Omar Saud Al-Omar, Kuwait remains committed to the implementation of the discussed measures, affirming the mutual determination of the two countries to foster a successful partnership between them.

Timenews1 provided that news.

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