Pakistan invited Saudi Arabia to become the third partner in the Belt and Road initiative of major infrastructure projects inside Pakistan, as Pakistan’s information minister said last week.
The Minister Fawad Chaudhry proceeded to the above statement during the trip of Pakistan’s new Prime Minister Imran Khan to Saudi Arabia.
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According to Reuters, Mr. Chaudhry did not reveal if Saudi Arabia would be loaning money to Pakistan, but he mentioned that he expects Saudi Arabia to invest in Pakistan in a major way.
Namely, it is alleged that Saudi Arabia will invest billions in the Chinese-built port of Gwadar in Pakistan.
Until now, China has pledged $60 billion to construct power stations, major highways, new railways and higher capacity ports, to help make Pakistan a major overland route linking western China to the world.
Now, a Saudi delegation will visit Pakistan during October, in order to conclude on a foundation for a partnership.
Over the past, Pakistan has suggested that other countries could join China Pakistan Economic Corridor (CPEC), but there were concerns that China would dominate any relationship.
What is more, Saudi Arabia has been bailing out Pakistan financially, as in 2014, six months after Pakistan obtained its last IMF bailout, Saudi Arabia loaned it $1.5 billion.
Now, speculations have been risen that Pakistan will ask for a loan in order not to seek another IMF bailout.