Islamabad - Islamic Development Bank (IDB) on Monday said that it is ready to disburse an additional $850 million in next three years for project assistance to Pakistan.
A five-member delegation led by Birama Boubacar Sidibe, Vice President (operations) IDB called on Finance Minister Senator Mohammad Ishaq Dar.
Senator Ishaq Dar said that he was grateful to President Islamic Development Bank Dr. Ahmad Mohammed Ali who met him on August 2, 2013 when he was visiting Saudi Arabia for performing Umra. IDB, he said, not only readily agreed to a loan of 750 million Euros and a trade facility of $150 million but also released first tranche on August 15, 2013.
Birama also informed the Finance Minister that IDB was prepared to disburse an additional $850 million in the next three years for project assistance to Pakistan. Birama said that Pakistan is an important member country of the IDB and assured the Finance Minister of the Bank’s support in the implementation of the plans and priorities set by the government of Prime Minister Mohammad Nawaz Sharif.
The Vice President Islamic Development Bank informed Senator Ishaq Dar that he expects that the project Pakistan plans to undertake in future would make IDB one of its largest operations “Your priority is our priority” said Birama.
Birama who held meetings with senior officials of Economic Affairs Division and Planning Department said that he was impressed with the resolve of the government and was optimistic that the initiatives and economic measures taken by the government of Pakistan would put the macro-economic indicators banks to green.
The Vice President informed the Finance Minister that International Rating Agencies had rated IDB as AAA and that the Bank counted on Pakistan support which was one of its founder members to maintain its ranking. Biama conveyed the good wishes of President IDB Dr Mohammed Ahmad Ali and assurances of his continued support.
The Finance Minister also thanked IDB for financing Nelum Jhelum Hydropower Project and hoped that the project whose cost had tripled due to neglect of the previous government would be completed by 2016 as Prime Minister Nawaz Sharif was taking personal interest. Similarly, work on Nanidpur Project which had been delay for over three years had been started in full swing.
Senator Mohammad Ishaq Dar informed the IDB delegation that introduction of reforms, economic initiatives taken by the government, clearance of circular debt and successful conclusion  of a program with IMF had set a direction of the economy which was now on the road to recovery.
Senator   Ishaq Dar said that Pakistan looks forward to a stronger and better economic relations with IDB in the future.
Thanking the government for the hospitality extended to the delegation Mr. Birama said that IDB was  also  ready to constitute  consortiums  for financing  projects in Pakistan.
Senator Ishaq Dar said that the government is working on an ambitions plan to add 10,000 MW of generation into the national grid and is presently working on 969 MW Neleum Jhelum Hydropower Project 425/525 MW Nandipur Hydropower Project, 2117 MW Karachi coastal project and 6600MW coal fired thermal Project in Gidani.
Similarly the government is committed to work in paralle both on the Diamer Basha Dam Project as well as. Dasu Project to overcome the enegy challenge  facing the country.