Pakistan and Kuwait have signed a $25 million loan agreement aimed at funding the Mohmand Dam during the 5th session of the Pakistan-Kuwait Joint Ministerial Commission (JMC) in Kuwait, held from May 28 to May 30, 2024. The formal signing of the loan agreement will take place on June 3.
This session marked significant progress in strengthening bilateral ties, with assurances from the Kuwait Fund to engage the Arab Coordination Group in financing the Diamer Bhasha Dam. The session was chaired by Abdul Aleem Khan, Pakistan’s Minister for Privatisation, and Omar Saud Al-Omar, Kuwait’s Minister for Commerce and Industry.
Ziad Abdullah Al-Najem, Undersecretary of the Ministry of Trade and Industry, welcomed Pakistan’s delegation, emphasizing the session’s importance in advancing bilateral relations. The Kuwait Fund also showed interest in considering Pakistan’s request for financing the Kachhi Canal project.
The JMC proceedings saw the signing of multiple MoUs and agreements, covering areas such as industrial cooperation, engineering councils, and news exchange. Additionally, agreements were reached to formalize MoUs for collaboration in agriculture, maritime and ports, avoidance of double taxation, quality and safety standards, and higher education commissions. Both countries agreed to establish Joint Working Groups to address trade, investment matters, and visa and consular affairs.
Abdul Aleem Khan expressed satisfaction with the session’s outcomes, urging Kuwait to streamline visa procedures for Pakistanis to facilitate economic partnerships. He also invited Kuwaiti investors to leverage Pakistan’s Special Investment Facilitation Council (SIFC) and identified key sectors for investment.
