ISLAMABAD – The Islamic Development Bank (IDB) has announced it will provide financing of $3.0 billion to Pakistan for socioeconomic development programmes during the next four years. IDB Country Department Director Muhammad Jamal Al-Saati and Economic Affairs Division Additional Secretary Hassan Nawaz Tarar signed the minutes of the strategy paper in a ceremony.
Al-Saati briefed that the IDB Group would support multi-sectors through focused programs under the Member Country Partnership Strategy (MCPS). The strategy would aim at improving infrastructure development in energy and transport sectors, sustainable growth of agriculture, rural development and strengthening of human resource in education and health sectors. It is important to mention that a technical mission of IDB visited Pakistan during March 13 to 22 for finalising the MCPS.
The specific projects would be negotiated later on and every project would have different disbursement and payback schedule. In these hard times, it is reassuring to observe that the government has a coherent plan and remains committed to undertaking necessary reforms and measures to address the daunting challenges of advancing socio-economic development, he said.
