ISLAMABAD: On Monday, the Islamic Development Bank (IDB) approved a loan of $252 million. The loan will be utilised for two separate projects, including the Covid vaccine aid and Mohmand Dam that will be initiated in Khyber Pakhtunkhwa (KP).
According to the ministry of economic affairs, $72.5m of the loan money will be used to obtain anti-Covid vaccines. The remaining $180m will finance the Hydropower Project in KP known as Mohmand Dam. Ministry for Economic Affairs, and IDB signed the agreement.
During the meeting, cooperation between IDB and Pakistan was discussed. President IDB Dr Muhammad Sulaiman Al-Jasser, in his statement, assured that Pakistan would have the continuous support of IDB.
He said that the organisation would help the country to achieve its economic growth, trade needs, petroleum imports and development of infrastructure. Federal Minister Economic Affairs Omar Ayub acknowledged the efforts of IDB and thanked the president of IDB for providing financial support to the country.
IDB has 57 member countries and is known as an essential multilateral development bank. Pakistan is one of the founding members and top beneficiaries of the bank. Till now financing of $13.6 billion has been approved by IDB to Pakistan for various developmental projects.