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Tuesday, July 16, 2024

Pakistan and Kuwait Agree on $25 Million Loan for Mohmand Dam

Pakistan and Kuwait will sign a $25 million loan for the Mohmand Dam on June 3, 2024, with Kuwait also considering financing for the Diamer Bhasha Dam and the Kachhi Canal project.

The 5th Session of the Pakistan-Kuwait Joint Ministerial Commission (JMC) convened in Kuwait from May 28th to 30th, 2024, marking a significant step in enhancing bilateral relations. Led by Abdul Aleem Khan and Omar Saud Al-Omar, the session emphasized collaboration across various sectors, with a focus on economic bonds and private sector engagement.

A substantial Pakistani delegation, including ministries such as Economic Affairs, Foreign Affairs, Commerce, and Interior, engaged in discussions aimed at promoting mutual prosperity. Abdul Aleem Khan highlighted the importance of private sector involvement in strengthening economic ties and urged Kuwait to simplify visa procedures for Pakistanis, crucial for fostering economic partnerships.

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Positive outcomes included the establishment of Joint Working Groups and the conclusion of Memoranda in Industry, Engineering, and News Exchange. Dr. Kazim Niaz, Secretary of Pakistan’s Ministry of Economic Affairs, stressed the potential of the JMC to amplify trade and nurture cooperation in education, science, and culture, laying the groundwork for a robust partnership.

Discussions covered a wide array of sectors, including Commerce and Trade, Food Security & Livestock, and Science & Technology, among others. Key outcomes included agreements to sign a $25 million loan for the Mohmand Dam on June 3, 2024, with pledges from the Kuwait Fund to engage the Arab Coordination Group in financing the Diamer Bhasha Dam. The Fund also expressed readiness to consider Pakistan’s financing request for the Kachhi Canal project.

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Memoranda of Understanding were signed in fields such as Industrial Cooperation, Engineering Councils, and News Exchange, with plans to formalize collaboration in Agriculture, Maritime & Ports, and Higher Education. Both sides expressed gratitude and anticipation for future sessions, reaffirming their commitment to fostering a dynamic partnership.