Pakistan premier says UAE extends $2B loan, offers $1B more

DUBAI, United Arab Emirates — (AP) — Pakistan’s prime minister stated Thursday that the United Arab Emirates agreed to increase a $2 billion mortgage to his nation and supply a further $1 billion as his nation struggles to get well from devastating floods this summer time.

Prime Minister Shahbaz Sharif’s workplace made the announcement after he met with the chief of the UAE, Abu Dhabi ruler Sheikh Mohammed bin Zayed Al Nahyan. It stated Sheikh Mohammed agreed to the mortgage extension and the brand new mortgage.

“Either side agreed to deepen the funding cooperation, stimulate partnerships and allow funding integration alternatives between the 2 international locations,” Sharif’s workplace stated.

The Emirates didn’t instantly acknowledge the rollover of the mortgage and the granting of the extra billion. It stated the assembly at Abu Dhabi’s Al Shati Palace noticed the 2 leaders talk about “the historic relations between the UAE and Pakistan and methods to reinforce joint cooperation and increase its horizons in a approach that serves the mutual pursuits of the 2 international locations.”

Sharif’s go to to the UAE marks his third since changing into premier final April. The seven sheikhdoms of the Emirates are house to some 1.7 million Pakistanis, many guide laborers that energy its economic system and ship a reimbursement to their nation.

Sheikh Mohammed additionally was invited to go to Pakistan. He turned the chief of the Emirates, an autocratic federation of seven sheikhdoms, after the loss of life of his half-brother, Sheikh Khalifa bin Zayed Al Nahyan, in Might.

Sharif additionally deliberate to satisfy with Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, on the two-day journey.

On Wednesday, Sharif stated a number of international locations and among the world’s establishments have pledged $9.7 billion to assist Pakistan rebuild from the summer time’s catastrophic flood that killed 1,739 individuals. The floods destroyed greater than 2 million properties and triggered greater than $30 billion in injury.

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Related Press author Munir Ahmed in Islamabad contributed to this report.

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