Islamic Development Bank prepared to disburse additional 850million dollars for Pakistan

Islamabad, September 09, 2013 (PPI-OT): A five member delegation led by Mr. Birama Boubacar Sidibe, Vice President (operations) Islamic Development Bank (IDB) called on Finance Minister Senator Mohammad Ishaq Dar at his office this evening.

Mr. Birama said that Pakistan is an important member country of the IDB and assured the Finance Minister of the Bank’s support in the implementation of the plans and priorities set by the government of Prime Minister Mohammad Nawaz Sharif.

.The Vice President Islamic Development Bank informed Senator Ishaq Dar that he expects that the project Pakistan plans to undertake in future would make IDB one of its largest operations “Your priority is our priority” said Mr. Birama.

Mr. Birama who held meetings with senior officials of Economic Affairs Division and Planning Department said that he was impressed with the resolve of the government and was optimistic that the initiatives and economic measures taken by the government of Pakistan would put the macro-economic indicators banks to green

The Vice President informed the Finance Minister that International Rating Agencies had rated IDB as AAA and that the Bank counted on Pakistan support which was one of its founder member to maintain its ranking.

Mr. Biama conveyed the good wishes of President IDB Dr. Mohammed Ahmad Ali and assurances of his continued support.

Senator Ishaq Dar said that he was grateful to President Islamic Development Bank Dr. Ahmad Mohammed Ali who met him on August 2 ,2013 on a short when he was visiting Saudi Arabia for performing Umra. IDB he said not only readily agreed to a loan of 750 million Euros and a trade facility of 150 million but also released the first tranche by August 15, 2013.

Mr. Birama also informed the Finance Minister that IDB was prepared to disburse an additional 850 million dollars in the next three years for project assistance to Pakistan.

The Finance Minister also thanked IDB for financing Nelum Jhehum Hydropower Project and hoped that the project whose cost had tripled due to neglect of the previous government would be completed by 2016 as Prime Minister Nawaz Shraif was taking personal interest. Similarly, work on Nanidpur Project which had been delay for over three years had been started in full swing.

Senator Mohammad Ishaq Dar informed the IDB delegation that introduction of reforms, economic initiatives taken by the government, clearance of circular debt and successful conclusion of a program with IMF had set a direction of the economy which was now on the road to recovery.

Senator Ishaq Dar said that Pakistan looks forward to a stronger and better economic relations with IDB in the future. Thanking the government for the hospitality extended to the delegation Mr. Birama said that IDB was also ready to constitute consortiums for financing projects in Pakistan.

Senator Ishaq Dar said that the government is working on an ambitious plan to add 10,000 MW of generation into the national grid and is presently working on 969 MW Neleum Jhelum Hydropower Project 425/525 MW Nandipur Hydropower Project, 2117 MW Karachi coastal project and 6600MW coal fired thermal Project in Gidani.

Similarly the government is committed to work in paralle both on the Diamer Basha Dam Project as well as. Dasu Project to overcome the energy challenge facing the country.

Senator Ishaq Dar said that the recently concluded IMF program which had already released the first tranche to Pakistan had provided comfort to International Donors who where now willing to do business with Pakistan.

Mr. Birama informed the Finance Minister that the next meeting of the Board of IDB was scheduled in June, 2014.

For more information, contact:
Haji Ahmed Malik
Principal Information Officer
Press Information Department (PID)
Tel: +9251 925 2323 and +9251 925 2324
Fax: +9251 925 2325 and +9251 925 2326

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