The Islamic Development Bank (IsDB) has accepted $252 million lends to Pakistan for the development of Mohmand Dam in Khyber Pakhtunkhwa and for anti-Covid inoculation provision in the country.
The ministry said agreement from the bank’s panel of directors was taken by IsDB President Dr. Muhammad Sulaiman Al-Jasser to Minister for Economic Affairs Omar Ayub Khan at a summit in Islamabad.
A financial contract of $72.5 million for attaining Covid-19 vaccines was penned down by the Jeddah-based bank and the economics ministry. Dr. Al-Jasser gave an update to the minister that the bank also approved $180 million in funding for Mohmand Dam Hydropower Project.
“It is my pleasure to announce that, yesterday, 18 December, the Board of Executive Directors of the Bank approved a US$ 180 million financing to contribute to this strategic, multi-purpose, green, renewable energy project,” IsDB President Dr Muhammad Al Jasser stated.
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Dr. Al-Jasser is also the chairman of IsDB’s board of directors and is now in Islamabad on a four-day visit to join the 17th extraordinary conference of the Organization of Islamic Conference’s Council of Foreign Ministers to deliberate the altruistic state in Afghanistan.
Moreover, both the projects are meant at aiding the country’s green programme in the energy sector along with the continuing struggles to counter the hostile influences of the Covid-19 pandemic. The two sides also debated the current economic cooperation between Pakistan and IsDB.
As per Dr Al-Jasser, his bank was one of the principal development partners of Pakistan and would endure activating more economic resources for uplifting the social sector, developing infrastructure, and achieving sustainable economic growth.
Besides, he pledged that the IsDB would remain to influence private sponsoring to upkeep trade needs, including the import of petroleum products.