IDB committed to enhancing economic cooperation with Pakistan

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ISLAMABAD: Islamic Development Bank (IDB) President Dr Bandar M H Hajjar said on Thursday that the bank would extend all possible cooperation for the economic development of Pakistan.

He was talking to Advisor to Prime Minister on Finance Dr Abdul Hafeez Shaikh in Islamabad.

The meeting was preceded by the signing of grant agreements for ‘Operationalisation of EXIM Bank of Pakistan (EXIMBP)’ and ‘Enhancing Agricultural Production using Efficient Irrigation System in Balochistan, Pakistan’ projects.

The advisor informed the IDB president about the concrete policy measures introduced by the government to improve the country’s economic and fiscal situation. He emphasized that the government has finalised its strategy to deliver on Medium-Term Economic Framework targets, to be agreed with the IMF team already in Pakistan.

The PM’s advisor appreciated the role played by the Islamic Development Bank as a leader in Islamic finance and for promoting global development supported by Shariah-compliant long-term sustainable and ethical financing structures.

The advisor lauded the financing facility by International Islamic Trade Finance Corporation for import of oil and LNG signed recently. He also discussed that the teams at EAD and IDB should press to realise the full disbursement of the facility.

The IDB president resolved to further strengthen cooperation with Pakistan in the areas of project financing and assured of early financing of Jamshoro Coal-Fired Power Plant.

The high-level delegation of IDB is currently on a three-day visit to Pakistan where it is exploring possible financing in health, energy, water and infrastructure.

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