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IsDB signals a “new era of funding” to bolster Pakistan’s development ambitions

May 8, 2019
IsDB signals a “new era of funding” to bolster Pakistan’s development ambitions

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The Islamic Development Bank (IsDB) is renewing financial agreements with the Pakistan Government to progress the country’s development initiatives, financial inclusivity and economic empowerment for Pakistani’s and the wider region.

This re-financing of existing and new projects is in line with the IsDB’s vision to help its Member Countries achieve the UN Sustainable Development Goals (SDGs).

To progress Pakistan’s ambitions for a more economically sustainable future, the IsDB have agreed a new round of funding via official Memorandum of Understanding (MOUs). These include:

  • A grant for Exim Bank of Pakistan;
  • A grant for Food Security Balochistan;
  • Re-financing of the Jamshoro Coal Power Project and CASA-1000 pipeline projects

Pakistan is the third largest beneficiary of the IsDB and has provided a total US$2.38 Billion for projects across the energy sector, which recently was involved in signing a trade financing facility for US$ 0.5 billion, with significant projects relating to female empowerment, health, education and food. By implementing innovative development initiatives, the IsDB have been creating opportunities for Pakistanis to develop solutions to sustainable development challenges.

Commenting on the MOUs H.E. Dr. Bandar Hajjar, President of the IsDB said: “Today marks a continued great tradition between the IsDB and Pakistan. As our third largest beneficiary we have seen extraordinary developmental progress in Pakistan but look forward to a renewed era of strategic funding to help Pakistan achieve development ambitions in 2019 and as we look to the future.”

Following the signing of the MOUs the IsDB President met with Mr. Shafqat Mahmood, Federal Minister for Ministry of Federal Education and Professional Training in charge of the out of school children project, managing refugee and displaced children into formal education, where he committed that the IsDB would examine new initiatives to fund more children and young people in education.

Original source: IsDB
Published on 03 May 2019