Islamic Development Bank pledges Pakistan $3 billion indicative financing

Islamabad, March 22, 2011 (PPI): Islamic Development Bank IDB Group Tuesday pledged indicative financing to Pakistan of around $3 billion over next four years to support its socio-economic development program.

Eng. Muhammad Jamal Al-Saati, Director, IDB Country Department and Additional Secretary Economic Affairs Division Hassan Nawaz Tarar signed agreement here. IDB Group will support multi-sector and area-focused programs in Pakistan over next four years (2012-2015), Al-Saati rold newsmen.

A high level technical mission from Jeddah-based IDB Group visited from March 13-22 to embark on developing Member Country Partnership Strategy MCPS that will lay partnership and cooperation between Pakistan & IDB Group during years 2012-2015.

Al-Saati said IDB Group MCPS mission’s visit took place at a critical juncture in Pakistan’s development journey, at a time when large parts of the country were devastated by recent unprecedented floods with severe socio-economic implications.

“In these hard times, it is reassuring to observe that Pakistan government has a coherent plan and remains committed to undertaking necessary reforms, measures to address daunting challenges of advancing socio-economic development. IDB attaches great importance to its already well-established and close partnership with Pakistan that spans over 35 years.”

He said among 56 member countries, Pakistan, which is a founding member of IDB and is second largest beneficiary of IDB Group financing. So far IDB Group approved $7.5 billion in project and trade financing for Pakistan.

MCPS process is intended to help government in ongoing efforts to reduce poverty and generate more employment opportunities through achieving sustainable socio-economic development. IDB will consider expanding its office in Pakistan to improve and speed up implementation of its funded projects.