Pakistan third largest beneficiary of IsDB financing

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ISLAMABAD: Islamic Development Bank (IsDB) President Dr. Bandar Hajjar on Sunday said that Pakistan is the third largest beneficiary of IsDB financing in different developmental sectors and the bank has provided a total financing of $12.43 billion to the country Pakistan for different development projects in past years.

He highlighted that IsDB is financing Neelum Jhelum Hydro Power Project, Jamshoro Power Station, CASA 1000 project for improving energy needs of the country, while addressing a press conference here.

He said that he had constructive meetings with the President and Prime Minister of Pakistan.

He said Prime Minister Imran Khan’s vision of Naya Pakistan would pave way for economic prosperity in the country.

He said IsDB has earmarked a $500 million fund for promoting science technology and innovation in the member countries.

He said that the ‘Transform Fund’ by the IsDB was launched in 2018 to support science, technology and innovation initiatives that will tackle development challenges around the globe.

The fund works in line with United Nations (UN’s) Sustainable Development Goals (SDGs) accelerating progress towards achieving greater food security, healthier lives, inclusive and equitable education, sustainable management of water and sanitation, access to affordable and clean energy, and sustainable industrialisation across the developing world, he said .

Replying to a question, IsDB president said the ‘Transform Fund’ provides seed money for start-ups and SMEs to develop their ideas and facilitate the commercialisation of technology among the IsDB’s member countries.

He said the Islamic Development Bank (IsDB) has awarded four Pakistani innovators, researchers, entrepreneurs seed capital and business skills mentoring as part of its fifth edition of the ‘Transformers Roadshow’ competition, held in association with COMSTECH.

The Roadshow is a global initiative in which applicants are invited to pitch ideas accelerating one or more of the UN Sustainable Development Goals (SDGs).

The Islamic Development Bank (IsDB) is a multilateral development bank that has been working for over 40 years to improve the lives of the communities it serves by delivering impact at scale.

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