IsDB provides $12.43b to Pakistan

F.P. Report

ISLAMABAD: President Islamic Development Bank (IsDB) Dr. Bandar Hajjar on Sunday said IsDB group has provided a total financing of US $ 12.43 billion to Pakistan through development projects in past years.

Pakistan is the integral member country of the IsDB group and is the third largest beneficiary of IsDB financing in different developmental sectors, Dr. Bandar Hajjar said this while adressing a press conference here.

He highlighted that IsDB is financing Neelum Jhelum Hydro Power Project, Jamshoro Power Station, CASA 1000 project for improving energy needs of the country.

Dr Hajjar said that he had a very fruitful and constructive meetings with the President and Prime Minister of Pakistan.

He said Prime Minister Imran Khan’s vision of road to Naya Pakistan would pave way for the economic prosperity of the country.

He said IsDB has earmarked a US $ 500 million fund for promoting science technology and innovation in the member countries.

He said the Transform Fund by the IsDB was launched in 2018 to support science, technology and innovation initiatives that will tackle development challenges around the globe.

The fund works in line with United Nations (UN’s) Sustainable Development Goals (SDGs) accelerating progress towards achieving greater food security, healthier lives, inclusive and equitable education, sustainable management of water and sanitation, access to affordable and clean energy, and sustainable industrialization across the developing world, he said.

Replyingh to a question, President IsDB said the Transform Fund provides seed money for start-ups and SMEs to develop their ideas and facilitate the commercialization of technology among the IsDB’s member countries.

He said the Islamic Development Bank (IsDB) has awarded four Pakistani innovators, researchers, entrepreneurs seed capital and business skills mentoring as part of its fifth edition of the ‘Transformers Roadshow’ competition, held in association with COMSTECH.

The Roadshow is a global initiative in which applicants are invited to pitch ideas accelerating one or more of the UN Sustainable Development Goals (SDGs).

The Islamic Development Bank (IsDB) is a multilateral development bank that has been working for over 40 years to improve the lives of the communities it serves by delivering impact at scale.

“We are one of the world’s largest multilateral development banks, with an annual volume of operations above $10 billion and subscribed capital of $33 billion.”he said. H said our mission is to equip people to drive their own economic and social progress at scale, putting the infrastructure in place to enable them to fulfil their potential.