Pakistan Prime Minister and IsDB President Hold Talks on Strengthening Bilateral Relations

Riyadh, Kingdom of Saudi Arabia, 28 April 2024 – During a meeting on the sidelines of the ongoing World Economic Forum in Riyadh, Kingdom of Saudi Arabia, H.E. Prime Minister Mian Muhammad Shehbaz Sharif of Pakistan engaged in discussions with Islamic Development Bank (IsDB) President and Group Chairman, H.E. Dr. Muhammad Al Jasser, to strengthen bilateral relations.

Prime Minister Shehbaz Sharif congratulated Dr. Al Jasser on the Golden Jubilee celebrations marking the 50th anniversary of the Bank. He then praised the growing partnership between the Islamic Republic of Pakistan and the IsDB Group across various developmental domains and expressed a strong desire to enhance collaboration further.

Dr. Al Jasser, meantime, provided an overview of the robust relationship, highlighting that the IsDB Group has allocated a significant sum of US$15.4 billion in financing for Pakistan. This includes substantial contributions from various arms of the IsDB Group, such as US$3.1 billion in project financing from IsDB, US$274.9 million from ICD, and US$7.2 billion in trade operations facilitated by ITFC, among others. Additionally, ICIEC has extended support with US$6.2 billion in business insurance and US$4.2 billion in new insurance commitments.

Notably, Pakistan has been a member of the IsDB since its inception on 12 August 1974. The active portfolio of IsDB Group in Pakistan comprises 47 operations totaling US$2.3 billion, constituting 15.2% of the total portfolio. Over the past two years, there has been a consistent rise in project approvals, with the recent Geneva Pledge committing US$600 million from OCR for the period spanning 2023-2025.

In response to natural disasters, the Bank swiftly approved an Emergency Grant of US$ 700,000 in October 2022 to aid flood relief efforts in Pakistan, channeled through the International Federation of Red Cross and Red Crescent Societies (IFRC) and the Pakistani Red Crescent Society.