IDB to give Pakistan $3 billion

ISLAMABAD - Islamic Development Bank (IDB) Group Tuesday pledged $3 billion financing to support socio-economic development programmes in Pakistan during next four years. Islamic Development Bank will support multi-sector and area focused programmes during the period 2012-15, Eng. Muhammad Jamal Al-Saati, Director, Country Department of the IDB said at signing ceremony. He singed the agreement with Additional Secretary Economic Affairs Division (EAD) Hassan Nawaz Tarar. While talking to the media, he said, The IDB will also support development of infrastructure, agriculture, education, private sectors, human resources, energy, health, promoting Islamic financing industry, supporting capacity building, strengthening regional integration, public-private partnership and others. A high-level mission from the Jeddah-based IDB Group visited Pakistan during the period 13-22 March to embark on developing Member Country Partnership Strategy (MCPS) that would lay out the partnership and cooperation between Pakistan and the IDB Group over the next four years (2012-2015). In the hard times after the devastating floods, it is encouraging to observe that Pakistan has a coherent plan and remains committed to undertaking necessary reforms and measures to address the daunting challenges of advancing socio-economic development, Muhammad Jamal maintained. He further said that the IDB group MCPs mission took place at a critical juncture in Pakistans development journey at a time when the recent unprecedented floods devastated large parts of the Pakistan. The MCPS process underlines guidelines for cooperation between the IDB and the country that fully aligns the IDB vision 1440H (2020) strategic thrusts with the Pakistan development priorities underlined in the Poverty Reduction Strategy Paper (PRSP-II) and the new growth framework, he added. He further said that the IDB attaches great importance to its already well-established and close partnership with Pakistan that spans over the last 35 years. He further said that among 56 member countries, Pakistan, which is a founding member of the Bank, is the second largest beneficiary of the IDB Group financing. So far the IDB Group has approved $7.5 billion in project and trade financing for Pakistan.