ISLAMABAD: The Islamic Development Bank (IDB) has authorized a loan of $252 million to Pakistan for two projects: the construction of the Mohmand Dam in Khyber Pakhtunkhwa and the financing of anti-Covid vaccines in the nation.
The permission from the bank’s board of directors was relayed to Minister for Economic Affairs Omar Ayub Khan during a meeting in Islamabad on Monday by IDB President Dr. Muhammad Sulaiman Al-Jasser, according to the government.
The two initiatives are intended to help the country’s green energy plan as well as ongoing attempts to mitigate the negative effects of the Covid-19 epidemic. Both parties also addressed Pakistan’s continuous economic cooperation with the IDB.
Pakistan is the founding member of the IDB, an important multilateral development bank with 57 member countries. Pakistan is one of the top-three largest beneficiaries of the bank’s financing. Since its inception, the bank has approved $13.6 billion financing for the country, covering all the major sectors of the economy such as energy, industry, agriculture, transport, health and financial services.
The financing will help the government reach its goal of vaccinating 70% of the population in Pakistan eligible for immunization aged 18 and above, including health care and frontline workers, as well as other priority groups. This is part of the second track of the IDB Group’s $4.56 billion Strategic Preparedness and Response Program, which is especially designed to assist member nations with their health and economic recovery programmes in the event of a Covid-19 pandemic.