In a huge milestone, the United Arab Emirates (UAE) has announced a $10 billion investment in Pakistan, the Prime Minister's Office said, as the cash-strapped country seeks a foreign cash infusion amid financial difficulties.
The development came during Prime Minister Shehbaz Sharif's meeting with UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, the capital of the Gulf state.
The decision was made "to strengthen the Pakistani economy, support it, and improve bilateral cooperation," according to the UAE's WAM news agency.
In a statement, the government said: "President of the UAE, His Highness Sheikh Mohammed bin Zayed Al Nahyan, announced a pledge to invest $10 billion in
Pakistan is trying to attract investment from brotherly countries to bolster its economy as the Pakistan Muslim League-Nawaz (PML-N)-led government examines ways to increase reserves and decrease inflation.
According to federal ministers, Saudi Arabia has also vowed to expedite $5 billion in investment, and the kingdom's foreign minister stated last month that Riyadh will be "moving ahead significantly" in investing in Pakistani projects.
During his first tour as prime minister, Shehbaz Sharif said that Pakistan is seeking partnerships with friendly nations since "gone are the days" when officials would visit fraternal countries with begging bowls.
"Gone are the days when I went to our fraternal countries with a begging bowl. I've broken that bowl," PM Shehbaz stated.