IsDB to provide $180m loan for hydropower projects

ISLAMABAD: The Islamic Development Bank (IsDB) to approve $180 million loan for the Mohmand Dam and other hydropower projects, official of the IsDB said.

IsDB president and group chairman Dr Muhammad Sulaiman Al-Jasser along with a delegation called on the Federal Minister for Planning, Development and Special Initiatives Asad Umar on Friday.

During the meeting Al-Jasser said that the board of executive directors of the bank is expected to approve $180 million for the Mohmand Dam and other hydropower projects on December 18, 2021.

The bank has already approved $72.5 million under the IsDB Covid-19 vaccine support for Pakistan in April 2021.

Federal Minister for Planning Asad Umar welcomed the president of the IsDB and congratulated him on assuming the presidency of the bank for a five year term starting from July 2021.

Al-Jasser highlighted that the bank group has the experience of delivering humanitarian assistance in conflict-affected countries such as Palestine, Yemen, Syria and Iraq.

The bank would garner all its institutional capacities to meet the expectations to alleviate the long-sufferings of the people of Afghanistan, as well as meet the expectations of the member countries of IsDB and the international community.

Al-Jasser discussed the role of IsDB in supporting wide-ranging socio-economic development programmes in Pakistan.

Federal Minister for Planning Development and Special Initiatives Asad Umar requested the IsDB officials to support the bank’s long-term finance operations in Pakistan through a guarantee structure that would strengthen the bankability of the projects.

The minister added that the planning commission is preparing a Three Rolling Growth Strategy (3YRGS) and requested the bank’s support and alignments of its medium terms operations through the instruments of Member Countries Partnership Strategy (MCPS).

Al-Jasser welcomed the initiative of the government and assured full cooperation in both the alignment and implementation of 3YRGS.

While discussing the Covid-19 containment and responsive programme of the government, Umar highlighted the internationally acclaimed role of the NCOC, and expressed the readiness of the government to share the experience with other member countries of IsDB.

Both dignitaries agreed to further deepen the mutual cooperation. The Chief Economist Dr Zubair presented the Planning Commission Documents Annual Plan 2021/22, and the Public Sector Development Program 2021/22 to the president of IsDB.

Planning secretary Abdul Aziz Uqaili, chief economist Dr Muhammad Ahmed Zubair, and senior officials also attended the meeting.