Funding of two significant projects approved by ISDB

According to a press release, the Islamic development bank in Jeddah, approved a total of 252.2 million dollars as an assistance in the category for funding of two vital projects in Pakistan. These projects include the green agenda in the energy sector and the steps being taken to neutralize the blow from the COVID 19 pandemic.

In a meeting of the board of directors of the bank, a total of 80 million dollars was allocated for the assistance in the project of construction of Mohmand dam. The meeting included ISDB president and chairman of the board, Dr. Muhammad Al Jasser. After completion, this dam will be the highest concrete facing rock filled dam in the world and will contribute a huge 800 megawatt of energy to the system, providing a supply of clean water to nearly two million citizens in Peshawar city and supporting irrigation activities on 6773 ha of new farmlands.

The energy sector of Pakistan has received the largest share of ISDB Group development interventions by absorbing 68.4% (about US$ 9.3 billion) of the Group’s investments.

Meanwhile, the ISDB also approved 72.5 million dollars for the funding and assistance related to the vaccination efforts for the COVID 19 pandemic. Pakistan’s “IVAC COVID 19 vaccine support project” will receive 70 million dollars from ISDB as well as 2.5 million dollars from the ISDB Islamic solidarity fund for development. The project is also co funded by the World Bank and the Asian development bank. This funding will be beneficial in achieving the government’s goal of vaccinating 70 percent of the population with the healthcare workers being the first priority. The funding is shadowed under the framework of ISDB’s strategic preparedness and response program separating an approximate of 4.56 billion dollars, designed to support member countries with their health and recovery projects for COVID 19. Pakistan is the founding member of the ISDB and its third largest beneficiary in group financing.