Islamic Development Bank Pledges to Expedite Projects in Pakistan During Meeting with PM Shehbaz Sharif

The Islamic Development Bank pledges to expedite projects in Pakistan, highlighting the strong partnership and Pakistan's potential for economic development and stability.

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Rizwan Shah
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Islamic Development Bank Pledges to Expedite Projects in Pakistan During Meeting with PM Shehbaz Sharif

Islamic Development Bank Pledges to Expedite Projects in Pakistan During Meeting with PM Shehbaz Sharif

RIYADH, Saudi Arabia - The Islamic Development Bank (IDB) has pledged to expedite the completion of its projects in Pakistan during a meeting between IDB President Dr. Muhammad Sulaiman Al Jasser and Pakistani Prime Minister Shehbaz Sharif in Riyadh on April 28, 2024. The meeting, held on the sidelines of the World Economic Forum's special meeting, reviewed the progress of ongoing projects and discussed future cooperation between the IDB and Pakistan.

Prime Minister Sharif expressed appreciation for the IDB's substantial investment of $1 billion in various projects during his previous tenure and acknowledged the bank's support in Pakistan's flood rehabilitation efforts. Both parties reaffirmed their commitment to efficiently completing ongoing projects and exploring further collaboration opportunities.

Why this matters: The IDB's commitment to accelerate project implementation in Pakistan is aimed at supporting the country's economic development and stability, which is critical for the region's overall growth and prosperity.

During the meeting, Prime Minister Sharif emphasized the fruitful partnership between Pakistan and the IDB, highlighting its central role in reconstruction, employment generation, and sustainable development goals. He also informed the IDB President that the Special Investment Facilitation Council (SIFC) is fully functional to facilitate foreign investment and address the concerns of foreign investors.

The IDB President lauded Pakistan as a founding member of the bank and expressed optimism about the country's abundant natural and human resources. "Pakistan is blessed with abundant natural and water resources, as well as a huge workforce that can be fully utilized," stated Dr. Al Jasser.

The meeting was attended by several key Pakistani ministers, signifying the government's collective commitment to fostering strong partnerships for development. Prime Minister Sharif's visit to Riyadh also included addressing a session on the global health agenda during the World Economic Forum's special meeting, highlighting the issue of global healthcare inequities and the challenges faced by Pakistan, including the devastating climate change-induced floods in 2022.

The Islamic Development Bank's pledge to expedite projects in Pakistan underscores the strong partnership between the two entities. Prime Minister Shehbaz Sharif's meeting with IDB President Dr. Muhammad Sulaiman Al Jasser reviewed the progress of ongoing projects and explored avenues for future cooperation. The Prime Minister thanked the IDB for its investments and assistance in flood rehabilitation efforts, while the IDB President acknowledged Pakistan's importance as a founding member and its rich natural and human resources.

Key Takeaways

  • IDB pledges to expedite projects in Pakistan during PM Sharif's visit to Riyadh.
  • PM Sharif thanks IDB for $1 billion investments and flood rehabilitation support.
  • Both parties commit to efficiently completing ongoing projects and exploring new opportunities.
  • IDB President lauds Pakistan's natural and human resources, calls it a founding member.
  • Meeting attended by Pakistani ministers, highlighting government's commitment to development partnerships.