ISLAMABAD – Pakistan and the Islamic Development Bank have signed a financing agreement of $72.5 million for procurement of COVID-19 vaccine, the Ministry of Economic Affairs announced on Monday.
The agreement was signed during a meeting between Minister of Economic Affairs Omar Ayub Khan, and Dr. Muhammad Al-Jasser, president of the bank, who is in Islamabad on a four-day visit.
“During the meeting, a financing agreement of $72.5 million for procurement of COVID-19 vaccine was signed between the Islamic Development Bank and Economic Affairs Division,” a statement issued by the ministry said. “The Bank’s financing for procurement of COVID-19 vaccine will help to contain the spread of COVID pandemic. The President, IsDB further updated that the Bank has also approved $180 million financing for Mohmand Dam Hydropower Project.”
Both sides discussed the ongoing economic cooperation between Pakistan and IsDB. Pakistan is the founding member of the Bank. IsDB is an important multilateral development bank with 57-members.
Pakistan is the second largest beneficiary of the IsDB financing. Since its inception, IsDB has approved $ 13.6 billion financing for Pakistan. The IsDB’s financing for Pakistan is covering all the major sectors of economy such as Energy, Industry, Agriculture, Transport, Health and Financial Services. The President, IsDB assured of strong commitment to further strengthening and expanding its partnership with Pakistan.
Dr. Muhammad Al-Jasser reiterated that IsDB is one of the leading development partners of Pakistan and fully supports Government of Pakistan’s development vision and priorities. He assured the Minister that the Bank will continue to mobilize more financial resources for developing infrastructure, uplifting social sector and achieving sustainable economic growth. It was also assured that IsDB will continue to leverage private financing to support trade needs including import of petroleum products.
Omar Ayub Khan, Minister for Economic Affairs thanked the President, IsDB for visiting Islamabad and his continued support to Pakistan. He applauded IsDB’s role to support the member countries in COVID-19 response, recovery and procurement of vaccine and saving lives & livelihood amid pandemic.
Meanwhile, the President, IsDB assured to further strengthen partnership between Islamic Republic of Pakistan and IsDB. It was also highlighted that IsDB doesn’t have regional office in Pakistan like in Turkey and some other member countries.
