IDB reiterates commitment to Pakistan’s socio-economic uplift

ISLAMABAD: Islamic Development Bank (IDB) President Dr Bander M H Hajjar has said that IDB Group’s relationship with Pakistan spanned over 40 years during which the group has supported sustainable and inclusive development in the country and it would continue to support Pakistan in economic growth and social uplift.

Interacting with the local business community at a dinner hosted by Islamabad Chamber of Commerce and Industry (ICCI), Dr Bander Hajjar said that the bank wanted to support Pakistan in the areas of science, technology, innovation, value chains, economic empowerment and public-private partnerships in order to contribute to the economic roadmap launched recently by the government.

He also shared with business community a new development model, set out in his new book “The Road to the SDG’s: A New Business Model for a Fast-Changing World”, which was launched at the 2019 IDBG Annual Meeting.

Speaking on the occasion, ICCI President Ahmed Hassan Moughal welcomed Dr Bander Hajjar and his delegation to Pakistan.

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He noted that in the past, IDB Group provided total financing of $12.43 billion for various development projects in Pakistan, which “shows the bank’s crucial role in the country’s economy”.

Moughal said the group was also financing some key projects in Pakistan like Neelum Jhelum Hydro Power Project, Jamshoro Power Station and CASA 1000 project that would improve energy situation and meet energy needs of the industry, leading to better industrialization and investment promotion.

The IDB delegation during the dinner discussed the financial needs of the local business community and assured of complete support in the expansion of their businesses and strengthening of the SME sector.

The representatives of Islamic Corporation for the Development of Private Sector (ICD), International Islamic Trade Finance Corporation (ITFC), Islamic Corporation for Insurance and Export Credit (ICIEC) and Islamic Research and Training Institute (IRTI) were also part of the delegation.

The visiting members showed a keen interest in setting up a joint fund with ICCI so as to support SMEs and innovators in business development and growth.

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