Minister for Economic Affairs welcomed the delegation from Islamic Development Bank, who is on a three-day visit to Pakistan, on 22nd March, 2024

Minister for Economic Affairs welcomed the delegation from Islamic Development Bank, who is on a three-day visit to Pakistan, on 22nd March, 2024

 

Press Release

Delegation from Islamic Development Bank Visits Pakistan: Strengthening Partnerships and Promoting Development

A delegation from Islamic Development Bank (IsDB) led by Dr. Walid Abdelwahab, Director, IsDB Regional Hub Türkiye is on a three-day visit to Pakistan from 22-24 March 2024. The delegation called on Mr. Ahad Khan Cheema, Minister for Economic Affairs on 22nd March 2024. 

Mr. Ahad Khan Cheema, Minister for Economic Affairs welcomed the Director, IsDB and stated that the civilian award conferred upon President IsDB, is a testament to the strong and enduring partnership between the Bank and GoP and acknowledgement of the efforts of the President IsDB in galvanizing the international support for the floods 2022 affectees, by pledging US$ 4.2 billion. 

Dr. Walid Abdelwahab thanked the Minister for Economic Affairs and informed that Pakistan is one of the founding members of the IsDB and the 3rd largest beneficiary of IsDB financing. He assured full support to the government's development vision and policies. Both sides agreed that relations can be further strengthened through mutual collaboration and partnership.
Mr. Ahad Khan Cheema, Minister for Economic Affairs also witnessed the signing ceremony of financing Agreement (worth US$ 200 million, equivalent to Euro 188.70 million) for Sindh Flood Emergency Housing Reconstruction Project, held in the Prime Minister’s Office. Dr. Kazim Niaz, Secretary, Economic Affairs Division and Dr. Walid Abdelwahab, Director of IsDB Türkiye Hub, signed the financing agreement, which reflects confidence in international financial institutions in Pakistan’s economy and its future. The project aims to construct 700,000 houses, benefiting an estimated 4.2 million people in rural areas, supporting creation of 75,000 water, sanitation, and hygiene (WASH) facilities, and significantly improving conditions for over 1.3 million individuals.

In a significant addition to this, the two sides exchanged the IsDB’s Country Engagement Framework (CEF) Document (2023-25), outlining the medium-term strategic directions and priorities of the IsDB Group partnership with Pakistan up to 2025. The IsDB Group Country Engagement Framework is focused on: (1) boosting recovery; (2) tackling poverty and building resilience; and (3) green economic growth which is in line with GOP’s vision and development priorities. 

The Minister for Economic Affairs appreciated the role and support of IsDB to Pakistan at a very challenging time. He assured to further strengthen the relations with IsDB in the future. Dr. Walid, Director, IsDB, stated that IsDB Group remains committed to supporting Pakistan in its journey towards recovery and prosperity through climate-resilient infrastructure.