ISLAMABAD: Islamic Development Bank (IDB) Group on Tuesday pledged the indicative financing of around US $ 3 billion during next four years to support socio-economic development program in Pakistan.
Head of the mission, Eng. Muhammad Jamal Al-Saati, Director, Country Department of the IDB and Additional Secretary Economic Affairs Division (EAD) Hassan Nawaz Tarar also signed an agreement in this regard.
"The IDB Group will support multi-sector and area-focused programs in Pakistan during the next four years (2012-2015)", Eng. Muhammad Jamal Al-Saati said while briefing the media persons here.
A high level technical mission from the Jeddah-based IDB Group visited Pakistan during the period 13-22 March to embark on developing Member Country Partnership Strategy (MCPS) that will lay out the partnership and cooperation between Pakistan and the IDB Group over the next four years (2012-2015).
Eng. Muhammad Jamal Al-Saati said that the IDB Group MCPS mission took place at a critical juncture in Pakistan's development journey, at a time when large parts of the country have been devastated by the recent unprecedented floods with severe socio-economic implications.
"In these hard times, it is reassuring to observe that the government of Pakistan has a coherent plan and remains committed to undertaking necessary reforms and measures to address the daunting challenges of advancing socio-economic development", he added.
He further said that the IDB attaches great importance to its already well-established and close partnership with Pakistan that spans over the last 35 years.
Al-Saati also revealed that among 56 member countries, Pakistan, which is a founding member of the Bank, is the second largest beneficiary of the IDB Group financing.
So far the IDB Group has approved US $ 7.5 billion in project and trade financing for Pakistan, he added.
The MCPS process is intended to help the government in its ongoing efforts to reduce poverty and generate more employment opportunities through achieving sustainable socio-economic development.
Eng Al-Saati also announced that the IDB will consider expanding its local office in Pakistan to improve and speed up the implementation of the IDB-funded projects.
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