UAE to deposit three billion USD in State Bank of Pakistan

Dubai: The United Arab Emirates (UAE) will deposit 11 billion dirhams (3 billion US dollars) in the State Bank of Pakistan to help with the country's cash and financial policies, state-run WAM news agency reported on Friday.

The move aims "to enhance the liquidity and monetary reserve of the foreign currency in the State Bank," WAM cited the Abu Dhabi Fund for Development as saying in a statement.

The Abu Dhabi Fund for Development has so far financed eight developmental projects in Pakistan with 1.5 billion dirhams, and other projects in the fields of energy, health, education and roads.Pakistan was one of the first countries that established diplomatic relations with the UAE.(UNI)