Saudi Arabia has committed an investment of $100m for the development 969MW Neelum Jhelum hydropower project in Pakistan.
A Pakistani delegation is scheduled to meet Saudi Officials to carry out negotiations for the credit facility with the Saudi Fund for Development.
Saudi Arabia, China and Abu Dhabi had retained the credit facility during the tenure of the previous government.
However, the election of Pakistan Muslim League-Nawaz (PML-N) has moved Saudi Arabia to release the funds.
An official familiar with the developments was quoted by the Tribune as saying that the government is engaged in discussions with the Abu Dhabi Fund seeking $100m loan that was withheld until the settlement of a payment row between UAE’s Etisalat and the Pakistan government over privatization of Pakistan Telecommunication Company.
China, meanwhile, has cleared financial aid of $448m for the Neelum Jhelum project as the PML-N has come to power.