Saudi Arabia’s Crown Prince Mohammad Bin Salman is due to sign an investment accord worth more than $10 Billion, as he headed to Pakistan on Sunday.
Pakistan is welcoming the crown prince for a visit, as he started his tour to South Asia and China, during which he is expected to sign investment agreement worth more than $10 billion.
Pakistan, whose foreign exchange servers with a $6 billion loan is rapidly dwindling, negotiates a bailout with the International Monetary Fund. Saudi in recent months has helped its economy afloat.
According to analyst, Pakistan considers crown prince’s visit as the biggest state visit since Chinese President Xi Jinping in 2005, in which China cited major financial aid to Pakistan’s infrastructure projects.
Saudi Arabia supporting Pakistan’s economy marks a deepening ties between allies, and in return Pakistan’s army lending support to Saudi and its royal family.
“What is happening in this relationship is a renewal of Pakistan’s commitment to help protect the royal family and the order as it exists in Saudi Arabia,” Senior Fellow at Tabadlab Mosharraf Zaidi said.
“On the flip side, there is reassurance that Saudi Arabia will not only continue to serve as a strategic friend who will help shore up Pakistan’s finances when needed, but it’s also going to become a participant in the wider investment in Pakistan.” He added.
The crown prince is due to meet Qamar Javed Bajwa, Pakistan’s army chief, in Islamabad. He is likely to meet Taliban group to discuss peace over 17-year war in Afghanistan scheduled on February 18.
