Cabinet grants tax exemption to four Saudi-funded projects

F.P. Report

ISLAMABAD: The federal cabinet has given its approval to grant tax exemption to the projects to be funded by the Kingdom of Saudi Arabia ahead of the expected visit of its Crown Prince and Prime Minister Mohammed bin Salman, on Friday.

Reportedly, Saudi Arabia has agreed to give Pakistan $382 million for four projects but has linked it with the grant of tax exemption from the GOP.

Sources revealed that the cabinet gave its assent through a circulation that the KSA-funded projects would be exempted from tax.

They said that the government would sign four agreements worth $382 million with the Saudi government adding that the contracts would be sealed on the expected arrival of Crown Prince Salman.

Sources said that the Mohmand Dam agreement worth $240 million has been finalized. They said that the government would seal another Jigran Hydropower Project contract worth $35 million. Apart from these, another two projects including $41 million worth Gravity Flow Water Project in Mansehra and Shonter Hydro Project worth $66 million have been given final shape.