Long-term project financing: Umar urges IsDB to provide guaranteed structure

ISLAMABAD: Federal Minister for Planning Development and Special Initiatives Asad Umar request the Islamic Development Bank to support the long-term finance operations in Pakistan through a guaranteed structure that would strengthen the bankability of the projects.

The Board of Executive Directors of IsDB on Saturday (Dec 18) is expected to approve $180 million for the Mohmand Dam and hydropower projects. Dr Muhammad Sulaiman Al-Jasser, president of Islamic Development Bank president and chairman of IsDB Group along with the delegation called on Asad Umar, here in Islamabad on Friday.

Secretary Planning Abdul Aziz Uqaili, Chief Economist Dr Muhammad Ahmed Zubair, and senior officials attended the meeting. Umar welcomed the president of the Islamic Development Bank and congratulated him on assuming the office of the president of the IsDB for a five-year term starting from July 2021.

The minister request to IsDB to support the bank’s long-term finance operations in Pakistan through a guarantee structure that would strengthen the bankability of the projects. In addition, the minister further added that the Planning Commission is preparing a Three Rolling Growth Strategy (3YRGS) and requested the Bank support and alignments of its medium terms operations through the instruments of Member Countries Partnership Strategy (MCPS).

Al-Jasser wholeheartedly welcomed the initiative of the government and assured full cooperation in both the alignment and implementation of 3YRGS. While discussing the Covid containment and responsive programme of the government, Umar highlighted the internationally-acclaimed role of the NCOC and expressed the readiness of the government to share the experience with other member countries of IsDB.

Dr Al-Jasser highlighted that the Bank Group has had the experience of delivering humanitarian assistant in conflict-afflicted countries such as Palestine, Yemen, Syria, and Iraq. He said that the Bank would garner all its institutional capacities to meet the expectations of alleviating long-sufferings of the people of Afghanistan as well as meet the expectations of the member countries of IsDB and the international community.

Copyright Business Recorder, 2021