Pakistan and the Islamic Development Bank (IsDB) exchanged the IsDB’s Country Engagement Framework (CEF) Document (2023-25) on Friday, outlining the medium-term strategic directions and priorities of the IsDB Group partnership with Pakistan up to 2025.
A delegation from the Islamic Development Bank (IsDB) led by Dr Walid Abdelwahab, Director, IsDB Regional Hub Türkiye is currently on a three-day visit to Pakistan. The delegation called on Ahad Khan Cheema, Minister for Economic Affairs today.
The minister welcomed the Director, IsDB, and stated that the civilian award conferred upon President IsDB, is a testament to the strong and enduring partnership between the Bank and GoP and an acknowledgment of the efforts of the IsDB President in galvanizing the international support for the floods 2022 affectees, by pledging $ 4.2 billion.
Dr Abdelwahab thanked the minister and informed that Pakistan is one of the founding members of the IsDB and the 3rd largest beneficiary of IsDB financing. He assured full support to the government’s development vision and policies. Both sides agreed that relations can be further strengthened through mutual collaboration and partnership.
Financing agreement
The minister also witnessed the signing ceremony of the financing agreement (worth $ 200 million, equivalent to Euro 188.70 million) for the Sindh Flood Emergency Housing Reconstruction Project. Dr Kazim Niaz, Secretary, Economic Affairs Division, and Dr Abdelwahab signed the financing agreement, which reflects confidence in international financial institutions in Pakistan’s economy and its future.
The project aims to construct 700,000 houses, benefiting an estimated 4.2 million people in rural areas, supporting the creation of 75,000 water, sanitation, and hygiene (WASH) facilities, and significantly improving conditions for over 1.3 million individuals.
Country Engagement Framework
In a significant addition to this, the two sides exchanged the IsDB’s Country Engagement Framework (CEF) Document (2023-25), outlining the medium-term strategic directions and priorities of the IsDB Group partnership with Pakistan up to 2025. The IsDB Group Country Engagement Framework is focused on: (1) boosting recovery; (2) tackling poverty and building resilience; and (3) green economic growth which is in line with GOP’s vision and development priorities.
The minister appreciated the role and support of IsDB to Pakistan at a very challenging time. He assured to further strengthen the relations with IsDB in the future.
