Purchase of Corona Vaccine: بی 70 million financing agreement with IDB

President Dr. Muhammad Al-Jaisar assures further expansion of cooperation and partnership with Pakistan — File Photo

Islam Abad: Pakistan and the Islamic Development Bank (IDB) have reached a 72.5 million financing agreement for the purchase of Kovid 19 vaccine.

In addition, the Islamic Development Bank has approved 18 180 million in financing for the Mohmand Dam hydropower project.

According to details released by the Ministry of Economic Affairs, IDB President Dr Muhammad Al-Jaisar and the Governor met with Federal Minister for Economic Affairs Omar Ayub Khan.

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The two senior IDB officials were in Islamabad to attend the Organization of Islamic Cooperation (OIC) summit on the situation in Afghanistan.

In this regard, the President of the Development Bank, Dr. Muhammad Al-Jaisar, while assuring further expansion of cooperation and partnership with Pakistan, reiterated his commitment that IDB is Pakistan’s foremost development partner.

He said that we are fully supportive of Pakistan’s development vision and priorities.

According to the statement, he assured Federal Minister Omar Ayub that the Islamic Bank would continue to provide more financial resources for the development of infrastructure, development of social sector and achieving sustainable economic growth.

Read more: Islamic Development Bank to provide ڈالر 4.5 billion loan to Pakistan

He also assured that the Islamic Development Bank would continue to provide private loans for other trade needs, including the import of petroleum products.

During the meeting, a ع 72.5 million financing agreement was reached between the Islamic Development Bank and the Economic Affairs Division for the purchase of the Covid 19 vaccine.

The IDB president further said that the bank has also approved financing of 18 180 million for the Mohmand Dam hydropower project.

On the occasion, Federal Minister for Economic Affairs Omar Ayub Khan thanked the President of the Islamic Development Bank for his visit to Islamabad and for his continued support to Pakistan.

He lauded the role of the Islamic Development Bank in cooperating with member countries to control, rehabilitate and procure vaccines against Covid 19 during the Corona epidemic.

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The Federal Minister also appreciated the cooperation of Islamic Development Bank for clean and green energy development projects such as Mohmand Dam Hydropower Project which would not only generate 800 MW of electricity but also cover 1.93 million acre feet of Pakistan’s water reserves. Will also increase.

Omar Ayub said the move would strengthen food security and provide 13.32 cusecs of clean drinking water to the citizens of Peshawar, creating 6,000 direct employment opportunities for locals from the Mohmand Dam.

During the discussion, the Federal Minister for Economic Affairs stressed on the need to set up a regional office in Islamabad for better cooperation and partnership with the Bank.

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