ISLAMABAD – Pakistan and the Islamic Development Bank have signed a $ 72.5 million financing agreement for the purchase of COVID-19 vaccine, the Ministry of Economic Affairs said on Monday.
The agreement was signed during a meeting between Economic Affairs Minister Omar Ayub Khan and Dr Muhammad Al-Jasser, chairman of the bank, who is in Islamabad for a four-day visit.
“During the meeting, a financing agreement of $ 72.5 million for the purchase of COVID-19 vaccine was signed between the Islamic Development Bank and the Economic Affairs Division,” a statement said. published by the ministry. “Bank funding for the purchase of the COVID-19 vaccine will help contain the spread of the COVID pandemic. The IDB President further informed that the Bank had also approved financing of $ 180 million for the Mohmand Dam hydroelectric project.
The two sides discussed the ongoing economic cooperation between Pakistan and IsDB. Pakistan is the founding member of the Bank. The IDB is a major multilateral development bank with 57 members.
Pakistan is the second largest recipient of IDB funding. Since its inception, the IDB has approved $ 13.6 billion in financing for Pakistan. IDB financing for Pakistan covers all major sectors of the economy such as energy, industry, agriculture, transport, health and financial services. The President of IsDB assured his firm commitment to strengthen and further expand his partnership with Pakistan.
Dr. Muhammad Al-Jasser reiterated that the IDB is one of the main development partners of Pakistan and fully supports the vision and development priorities of the Government of Pakistan. He assured the Minister that the Bank will continue to mobilize more financial resources for the development of infrastructure, the improvement of the social sector and the achievement of sustainable economic growth. It was also assured that the IDB will continue to mobilize private finance to meet commercial needs, including the import of petroleum products.
Omar Ayub Khan, Minister of Economic Affairs, thanked the President of IsDB for his visit to Islamabad and his continued support to Pakistan. He applauded the role of the IDB in supporting member countries in the COVID-19 response, collecting and purchasing vaccines, and saving lives and livelihoods during a pandemic.
Meanwhile, the President of IsDB assured to further strengthen the partnership between the Islamic Republic of Pakistan and IsDB. It was also pointed out that the IDB does not have a regional office in Pakistan as it does in Turkey and some other member countries.