The Prime Minister’s office announced on Thursday that the United Arab Emirates (UAE) has allocated $10 billion to expand investment in Pakistan as the financially challenged country seeks foreign aid to maintain economic stability.
The development came after yesterday’s meeting between UAE president Sheikh Mohamed bin Zayed Al Nahyan and PM Shehbaz Sharif in Abu Dhabi, during the Pakistani Premier’s day-long visit to the UAE.
The decision has been taken “to strengthen the Pakistani economy, support it, and enhance cooperation between the two countries”, UAE’s WAM news agency reported.
In a statement, the government said: “President of the UAE, His Highness Sheikh Mohammed bin Zayed Al Nahyan, made a commitment of investing US $10 billion in multiple sectors in Pakistan.”
The government led by Pakistan Muslim League-Nawaz (PML-N) is actively seeking investment from brotherly countries to deal with inflation and enhance the country’s financial stability.
