IDB to extend $850m project assistance to Pakistan

A five member delegation led by the Vice President of the Islamic Development Bank (IDB), Birama Boubacar Sidibe pledged on Tuesday USD 850 million for projects assistance to Pakistan. According to a press release, Birama said that Pakistan is an important member country of the IDB and he assured the Finance Minister for Bank's support in the implementation of the plans and priorities set by the government. The Vice President of IDB also met senior officials of Economic Affairs Division and Planning Department and said that he expects the projects Pakistan plans to undertake in future would make IDB one of its largest operations. The Finance Minister in a press statement informed that IDB not only readily agreed to a loan of USD 990 million and a trade facility of USD 197 million but also released the first tranche on August 15, 2013. During the meeting at the office of Finance Minister, Birama informed that IDB was prepared to disburse an additional USD 850 million in the next three years for project assistance to Pakistan. The Finance Minister thanked the IDB for financing several projects like Nelum Jhehum Hydropower Project and Nanidpur Project and hoped that the project would complete in 2016.