UAE Agrees to Rollover $2bn Loan, Give Additional $1bn

The Prime Minister’s Office announced on Thursday that the United Arab Emirates (UAE) had decided to grant Pakistan a new credit of $1 billion in addition to extending an existing loan of $2 billion.

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The announcement came after Prime Minister Shehbaz Sharif and UAE President Sheikh Mohamed bin Zayed Al Nahyan met in Abu Dhabi. The two-day visit’s objective is to strengthen ties with the country on issues related to business, trade, and investment.

In a statement released by the PM Office, Sheikh Mohamed bin Zayed praised the long-standing ties between the UAE and Pakistan as well as the significant contributions Pakistanis who live in the Middle Eastern country have made.

According to the statement, the two parties also agreed to foster relationships and provide chances for investment integration.

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According to the PMO, Sheikh Mohamed bin Zayed Al Nahyan accepted PM Shehbaz’s invitation to visit Pakistan. Diplomatic channels would be used to choose the dates.

Sheikh Mohammad bin Rashid Al Maktoum, the ruler of Dubai, and the vice president and prime minister of the United Arab Emirates will also meet with PM Shehbaz. According to the press release, he will also meet with Emirati investors and businesspeople to discuss how to increase bilateral trade and investment.

The premier has visited the United Arab Emirates three times since taking office in April 2022.

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