Pakistan’s Private Investment Facilitation Board has tentatively approved the offer of 28 billions of dollars in projects to Arab Gulf countries to invest in, including the construction of the Diamir-Bhasha Dam, and mining operations for the Rico Deq project in Chagai province of Baluchistan province, Pakistan’s The Express Tribune reported Saturday.

The list of approved projects, to be presented to Saudi Arabia, the UAE, Qatar and Bahrain, exceeds the total volume of investments required for it $28 billion. It includes a $10 billion oil refinery that will be offered to Saudi energy giant Aramco.

The Central Bank of Pakistan announced in the middle of this month that foreign exchange reserves almost doubled to $8.73 billion, as a result of the influx of money from the International Monetary Fund, from friendly countries, including a $2 billion Saudi deposit at the central bank, and from the UAE worth $1 billion.

The money eases pressure on the Pakistani government, which is struggling to pay off $25 billion in external debt for the current fiscal year. It is also contributing to easing the dollar crisis and supply shortages in the country.

Investment plans approved by the new board focus on the food, agriculture, information technology, mining, oil and new energy sectors.

In addition to the Gulf states, Islamabad and Beijing have planned to invest $62 billion in total under the China-Pakistan Economic Corridor, but so far less than $28 billion has been pumped out of it. Pakistan is offering the Diamir-Bahsha Dam to China for investment as a priority, according to the newspaper.

Pakistan’s parliament last week approved a series of amendments to two laws relating to the Pakistani military and investment board, which will ensure the speedy implementation of investment projects with preliminary approvals.

The Express Tribune quoted unnamed government sources as having identified 23 countries to promote these projects, but the main focus will be on Saudi Arabia, the UAE, Qatar and Bahrain.

It noted that another “improbent” law is under preparation, for Pakistan’s sovereign wealth fund, which will provide capital for joint ventures with foreign countries adopted by the Private Investment Facilitation Board.

Pakistan painstakingly avoided defaulting on its sovereign debt last month after the prime minister and the military made economic decisions called radical.

Pakistan received final approval from the IMF’s Executive Board on July 12 providing it with $3 billion in funding to help the cash-strapped country ease its financing crises. This approval allows for the immediate release of some $1.2 billion in favor of Pakistan.

Projects approved by the Supreme Committee of the Private Investment Facilitation Board included a 10,000-acre agricultural project in the Chulstan Desert, later expandable to 85,000.

The sources told the Pakistani newspaper that Qatar is interested in this agricultural project to meet its food security needs.

The private investment facilitation board also approved a $10 billion oil refinery for Saudi Aramco, and the Turkmenistan-Afghanistan-Pakistan-India gas pipeline project, known as Tabi to invest under its umbrella.

Islamabad has also identified some major projects in the energy sector for sharing with Gulf states for investment purposes, including the Diamir-Basha Dam, and the second coal mining patch at the Thar mine, two multibillion-dollar projects.