President of the Islamic Development Bank (IsDB), outlines the bank’s new vision to promote sustainable development in Pakistan

The President of the Islamic Development Bank (IsDB), H.E. Dr. Bandar Hajjar, met with the President of Pakistan, Dr. Arif Alvi, and the Prime Minister of Pakistan, Imran Ahmed Khan Niazi, to discuss ways in which the IsDB can implement its new vision to support the Government’s development agenda for financial inclusion, economic empowerment, and future aspirations.

The meetings formed part of the second day of H.E. Dr. Bandar Hajjar’s official visit to Pakistan, which also saw the President visit the Neelum-Jhelum Hydro Power Plant which was recently completed in April 2018, for which the IsDB provided total financing of US$358 million. This was followed by a meeting at the Emergency Operating Center (EOC) for the Polio Eradication Program with Dr. Zafar Mirza, Special Assistant to the Prime Minister of Pakistan on National Health Services, Regulations, and Coordination. The IsDB contributed a total of US$ 327 million to the Polio Program in Pakistan, with polio now at the verge of being eradicated from Pakistan following the project.

The President also visited the Islamic International University Islamabad (IIUI) and later attended the inauguration for the launch of the Mobile Medical Clinics in Islamabad. The project will provide primary health care services through the provision of 15 mobile clinics for vulnerable people in rural areas of Pakistan.

During his meetings with the Prime Minister and the President of Pakistan, H.E. Dr. Bandar Hajjar outlined his new Five Year Program (P5P) and as part of that, highlighted the Bank’s commitment to supporting sustainable development in member countries, including Pakistan. Part of this support includes the establishment of a US$500 million Science, Technology and Innovation (STI) Endowment Fund.

Pakistan is the third largest beneficiary of IsDB Group financing among its 57 Member Countries. Since inception, the IsDB Group has approved total financing of US$12.43 billion for Pakistan. In the past few years, the IsDB Group has substantially assisted the country in meeting its development objectives, especially through the successful implementation of the first Member Country Partnership Strategy (MCPS) of the IsDB Group for Pakistan that was implemented during 2012-2015, whereby financing worth US$3.77 billion had been approved.

Original source: IsDB
Published on 03 May 2019