The Islamic Development Bank (IDB) agreed to extend a loan facility of Euros 750 million to Pakistan, with the release of the first tranche of this loan before August 15.
IDB President Ahmed Muhammad Ali and the Finance Minister Ishaq Dar decided this in a meeting at Jeddah on Saturday. During the meeting the Ali assured Dar of the IDB’s full cooperation and support for Pakistan.
Furthermore, Ali informed Dar that the IDB was keen on working with Pakistan for the eradication of Polio in the country.
Ali appreciated the reforms and liberalisation measures taken by Nawaz Sharif’s government for the revival and stabilisation of economy.
Ali also agreed to extend the $150 million trade facility for the import of fertiliser and petroleum products.
Dar appreciated the IDB’s support to Pakistan and the personal interest taken by Ali.
Ali praised the minister for his contribution towards the development and performance of the IDB when he was its chairman in 1998-99.
Moreover, Dar appreciated the role being played by the IDB in helping Islamic countries and in promoting the Islamic mode of banking.
Dar also invited Ali to visit Pakistan.
