Prince Zayed allocates $200m for Pakistan's small, medium businesses

ISLAMABAD: Abu Dhabi Crown Prince  Sheikh Mohamed bin Zayed Al Nahyan has allocated $200 million for small- and medium-size businesses in Pakistan on Thursday. 

Dr Abdul Hafeez Sheikh, the prime minister's adviser on finance and revenue, confirmed the news in a series of tweets Thursday evening, thanking the crown prince for his support following a short visit to Pakistan earlier in the day.

"Would like to thank HRH Sheikh Muhammed Bin Zayed Al-Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces for announcing $200 million support to Pakistan after meeting with Prime Minister Imran Khan," said Dr Abdul Hafeez Sheikh, adding that the money would be spent on "small business promotion and jobs".

"This support is testimony to the expanding economic relations and friendship between our countries," he said.

According to details from Emirates News Agency, the $200-million initiative aimed to "encourage innovation in projects and support entrepreneurship, to assist the Pakistani government's efforts to create a stable and balanced national economy that will help achieve the country's sustainable development.

"The initiative is also part of the close ties between the UAE and Pakistan and the keenness of their leaderships to strengthen and develop them, reflecting the development witnessed by their overall relations over the past decades."

The initiative — which was launched on the sidelines of Sheikh Mohamed bin Zayed's visit to Pakistan — "aims to support economic projects there", it added.

During his visit to Pakistan earlier on Thursday, the crown prince also held a one-on-one meeting with the premier and senior members of the government.

The visit came days after the crown prince, who is also the Deputy Supreme Commander of the UAE Armed Forces, met Chief of Army Staff General Qamar Javed Bajwa on December 14.