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 Six Agreements of US$265 Million Signed between Pakistan and UAE

Islamabad, November 6, 2001.

A high level delegation from United Arab Emirates led by His Highness
Sheikh Abdullah bin Zayed Al-Nahyan, Minister for Information and Culture
arrived here today. The Minister was accompanied by His Excellency Mr. Saeed Khalfan Al-Rumaithy, Director General, Abu Dhabi Fund for Development, along with five technical experts.
The delegation was received by Mr. Shaukat Aziz, Minister for Finance and
Economic Affairs at Chaklala Airport. Later the delegation called on Mr.
Abdul Sattar, Minister for Foreign Affairs and discussed bilateral cooperation.
Mr. Saeed Khalfan Al-Rumaithy, Director General Abu Dhabi Fund for
development and Mr. Shaukat Aziz, Minister for Finance and Economic Affairs penned down six agreements amounting to US$ 265 million relating to four hydro-power projects namely, Gomal Zam Dam, Duber Khwar Hydropower, Khan Khwar Hydropower and Alai Khwar Hydropower and Water Supply Schemes in Quetta and Karachi.
The agreements have most favourable terms of financing at one and a half
per cent markup with half percent service charges.
H.E. Mr. Saeed Khalfan Al-Rumaithy stated that this is for the first time
that such soft terms have been offered to any Muslim country; for the reason
that United Arab Emirates wants to provide tangible support to the
Government of Pakistan in the hour of crisis. In reply Mr. Shaukat Aziz
expressed his gratitude on the external support provided by Abu Dhabi Fund
for Development to help generate employment, meet the energy requirements
and supplement Government's efforts to reduce poverty.

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