All possible cooperation to be extended for economic development of Pakistan: IsDB

May 2, 2019:  Islamic Development Bank (IsDB) President Dr. Bandar M. H. Hajjar on Thursday said the bank would extend all possible cooperation for economic development of Pakistan.

He was talking to Advisor to the Prime Minister on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Shaikh here along with a delegation of IsDB.

The meeting was preceded by signing of grant agreements for “Operationalisation of EXIM Bank of Pakistan (EXIMBP)” and “Support Enhancing Agricultural Production using Efficient Irrigation System in Baluchistan, Pakistan” projects.

During last week an oil credit facility of US $ 551 Million has already been signed.

The advisor informed the president IsDB about the concrete policy measures introduced by the government for improving the economic and fiscal situation in the country in general and the current account situation in particular.

He emphasized that the government has finalized its strategy to deliver on Medium Term Economic Frameworks Targets to be agreed with IMF team already in Pakistan for technical discussions for a three-year program.

He appreciated the role played by the Islamic Development Bank as a leader in Islamic Finance and promoting global development that is supported by Sharia complaint long term sustainable and ethical financing structures.

The advisor lauded the financing facility by International Islamic Trade Finance Corporation for import of oil and LNG signed recently. He also discussed that the teams at EAD and IsDB should press on to realize the full disbursement of the facility.

The president IsDB resolved to further strengthen cooperation with Pakistan in the areas of project financing and assured of early financing of Jamshoro Coal Fired Power Plant.

The high-level delegation of IsDB is on a three day visit to Pakistan to explore possible financing in health, energy, water and infrastructure.

(APP)