Riyadh, April 28, 2024 – In a significant development aimed at accelerating socio-economic progress in Pakistan, Prime Minister Muhammad Shehbaz Sharif and Islamic Development Bank (IDB) President Dr. Muhammad Sulaiman Al Jasser have agreed to hasten the completion of various uplift projects throughout the country.
This consensus was reached during a meeting on the sidelines of the World Economic Forum’s special session.
Prime Minister Shehbaz Sharif expressed his gratitude towards the IDB for its robust support, highlighting the $1 billion investment in various development initiatives during his previous tenure. These projects are critical in bolstering Pakistan’s infrastructure and improving the living standards of its citizens.
The discussion, which was part of a broader engagement between Pakistani officials and IDB representatives, also saw the participation of key Pakistani ministers, including Minister for Foreign Affairs Ishaq Dar, Minister for Finance and Revenues Muhammad Aurangzeb, Minister for Information and Broadcasting Attaullah Tarar, Minister for Petroleum Dr. Musadik Malik, Minister for Commerce Jam Kamal Khan, and Minister for Power Awais Ahmed Khan Leghari.
During the meeting, the leaders reviewed the progress of ongoing projects and explored additional avenues for cooperation. Prime Minister Sharif particularly appreciated the IDB’s efforts in the rehabilitation of areas affected by recent floods, underscoring the vital role played by the bank in disaster recovery and community rebuilding.
In an effort to expedite foreign investment and streamline operations for investors, the Prime Minister highlighted the operational readiness of the Special Investment Facilitation Council (SIFC). This initiative is designed to offer a one-window solution to address the concerns and requirements of foreign investors efficiently.
Dr. Al Jasser reiterated IDB’s commitment to supporting Pakistan, a founding and prominent member of the bank. He emphasized Pakistan’s potential, marked by its abundant natural and water resources, and the significant opportunities that could be leveraged through its large workforce.
“The IDB sees immense potential in Pakistan not only as a beneficiary of development projects but also as a vibrant market full of opportunities for sustainable development,” said Dr. Al Jasser. He also expressed his best wishes for the ongoing progress and prosperity of the nation.
The meeting underscored a mutual commitment to fostering a closer partnership between Pakistan and the IDB, aiming to achieve milestones in economic development and social uplift. Both leaders agreed on the importance of these projects in achieving the broader goals of sustainable progress and development in Pakistan.
As the projects move towards accelerated completion, the collaboration between Pakistan and the IDB is expected to yield significant benefits, including job creation, infrastructure development, and enhanced social welfare. This partnership is poised to play a crucial role in the economic transformation and uplift of Pakistan, setting a precedent for future collaborations with international financial institutions.