ISLAMABAD: The United Arab Emirates (UAE) has agreed to roll over an existing loan of $2 billion and give an additional loan of $1bn to Pakistan.

This was said in a statement issued by the Prime Minister’s Office here on Thursday after a meeting between UAE President Sheikh Mohamed bin Zayed Al Nahyan and Prime Minister Shehbaz Sharif in Abu Dhabi. The Prime Minister reached UAE on Thursday on a two-day visit to strengthen economic, trade and investment ties with the country. Sheikh Mohamed bin Zayed welcomed the Prime Minister to Abu Dhabi and wished progress and prosperity for Pakistan.

He praised the historical relations between the two nations and the valuable contributions made by the Pakistani community in the UAE. The Prime Minister thanked the UAE President for inviting him to the brotherly country. The two leaders discussed the fraternal relations existing between Pakistan and the UAE and explored ways and means to further strengthen these ties, especially in the fields of trade, investment and energy.

The two leaders also had an exchange of views on regional and international issues of mutual interest. Both sides agreed to deepen the investment cooperation, stimulate partnerships and enable investment integration opportunities between the two countries.

They also expressed satisfaction over the pace of steady progress in bilateral relations. They agreed on the importance of enhanced bilateral exchanges and regular dialogue at all levels to further solidify and provide momentum to the relationship.

The President of the UAE agreed to roll over the existing loan of US$ 2 billion and provide US$ 1 billion additional loan. Prime Minister Shehbaz Sharif invited Sheikh Mohamed Bin Zayed President of the UAE for a state visit to Pakistan to which he agreed. The dates will be decided through diplomatic channels.