Islamic Development Bank, Pakistan sign $603 million loan deals to fund development projects
ISLAMABAD: Pakistan and the Islamic Development Bank (IsDB) have signed three loan agreements worth about $603 million to finance multiple development projects, the Pakistani information ministry said on Tuesday.
The agreements relating to M-6 Sukkur-Hyderabad Motorway Project, Poverty Graduation of Extremely Poor and Flood Affected Households Project (PGEP), and the Out-of-School Children project in Azad Jammu and Kashmir were formalized in Islamabad, following talks between Pakistan’s Economic Affairs Minister Ahad Cheema and an IsDB delegation, led by Vice President Dr. Rami Ahmad.
Under the agreements, IsDB will provide financing of $475 million for the M-6 Sukkur–Hyderabad Motorway, a key link to the proposed Peshawar-Karachi Motorway. Pakistan signed the second agreement with IsDB to launch the Poverty Graduation of Extremely Poor and Flood
Affected Households (PGEP) project, aimed at transitioning ultra-poor households from dependency on cash assistance to sustainable livelihoods, resilience and economic self-reliance.
