IsDB Signals A “New Era of Funding” to Bolster Pakistan’s Development Ambitions
The Islamic Development Bank (IsDB) is renewing financial agreements with the Pakistan Government to progress the country’s development initiatives, financial inclusivity and economic empowerment for Pakistani’s and the wider region. This re-financing of existing, and new projects is in line with the IsDB’s vision to help its Member Countries achieve the UN Sustainable Development Goals (SDGs).
The Islamic Development Bank (IsDB) is renewing financial agreements with the Pakistan Government to progress the country’s development initiatives, financial inclusivity and economic empowerment for Pakistani’s and the wider region. This re-financing of existing, and new projects is in line with the IsDB’s vision to help its Member Countries achieve the UN Sustainable Development Goals (SDGs).
To progress Pakistan’s ambitions for a more economically sustainable future, the IsDB have agreed a new round of funding via official Memorandum of Understanding (MOUs). These include:
A grant for Exim Bank of Pakistan;The Vice President Country Programs, acting under the delegation of authority, has approved the provision of technical assistance not exceeding the equivalent of US$277,200 on a grant basis to the Government of Pakistan for the Operationalization of Exim Bank of Pakistan
A grant for Food Security Balochistan;The development objective of the TA is to improve farm productivity through piloting innovative, resource efficient water and farm management techniques in Zhob and Nasirabad Divisions of Balochistan. The total cost of the project is estimated to be US$378,000 out of which the IsDB contribution is for an amount of US$280,000.00.
Re-financing of the Jamshoro Coal Power Project and CASA-1000 pipeline projects to the tune of US$100 Million and US$35 Million respectively which will add another 1200 MW electricity and 132 km of transmission line respectively at their completion to the national grid, contributing to alleviation of power shortages during peak summer season.
Pakistan is the third largest beneficiary of the IsDB and has provided a total US$2.38 Billion for projects across the energy sector, which recently was involved in signing a trade financing facility for US$ 0.5 billion, with significant projects relating to female empowerment, health, education and food. By implementing innovative development initiatives, the IsDB have been creating opportunities for Pakistanis to develop solutions to sustainable development challenges.
Commenting on the MOUs H.E. Dr Bandar Hajjar, President of the IsDBsaid: “Today marks a continued great tradition between the IsDB and Pakistan. As our third largest beneficiary we have seen extraordinary developmental progress in Pakistan but look forward to a renewed era of strategic funding to help Pakistan achieve development ambitions in 2019 and as we look to the future.”
H.E. Dr. Abdul Hafeez Sheikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Pakistanthanked H.E. Dr Bandar Hajjar for the IsDB's continued support in Pakistan's development and commented that: “The new MCPs should be signed on priority to further the relationship between the Bank and Government of Pakistan, alongside this we would like to establish a regional office in Islamabad to affectively channel and coordinate in the development activities and projects.”
Following the signing of the MOUs the IsDB President met with Mr. Shafqat Mahmood, Federal Minister for Ministry of Federal Education and Professional Training in charge of the out of school children project, managing refugee and displaced children into formal education, where he committed that the IsDB would examine new initiatives to fund more children and young people in education.
In thanking the Ministry for welcoming his delegation, H.E. Dr Bandar Hajjarreiterated “It is through the proper educating of young people and children we guarantee a future of work for a sustainable future. Pakistan has shown that there is strength in the cooperation of public and private funding that we can work together to benefit social and economic development of the country, and region.” In addition, H.E Dr Bandar Hajjarpraised Pakistan for embodying the “IsDB’s vision to see more of our member countries provide solutions to development issues at home, and abroad.”
President of the IsDB, Dr Bandar Hajjar will be leading the delegation and will this week also meet with both the Prime Minister of Pakistan Imran Khan, and President of Pakistan Arif Alvi to discuss the outcome of IsDB funding previously for the country and confirm future development targets for Pakistan.
The trip culminates at the IsDB Transformers Roadshow, a competition for innovators who specialise in science and technology to pitch new ideas to win one off funding from the IsDB to progress solutions to local problems. These ideas will be geared toward providing solutions to the UN Sustainable Development Goals to a high-level panel of experts, with the winner being awarded $3,000. They will also have the opportunity to benefit from a day of masterclasses and mentoring
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