Islamabad: The Islamic Development Bank (IDB) has offered to provide an early financing package to Pakistan for commencing with the development work of the Jamshoro coal-fired power plant, a news source reported. IDB President Dr Bandar Hajjar and Finance Advisor Dr Abdul Hafeez Shaikh recently signed two grant agreements to this effect.
While signing on this exchange, the IDB president assured Shaikh that the international bank would extend all possible support related to project financing in Pakistan. One of the approved grants pertains to the operationalization of Exim Bank in Pakistan, and the other to enhancing the country’s agricultural production by establishing an efficient irrigation system in Balochistan.
The IDB’s high-level delegation is currently on a three-day visit to Pakistan. The officials are seeking to explore financing opportunities in the country’s energy, water & infrastructure, and health sectors.
Shaikh updated the IDB president on the government’s measures for improving Pakistan’s fiscal and economic situations. He also detailed how the incumbent government had finalised a strategy for delivering on its Medium-term Economic Framework targets. He added that the strategy would be shared with the visiting International Monetary Fund (IMF) team to attain its approval.
