ISLAMABAD, Aug 3: The Islamic Development Bank (IDB) has agreed to extend a loan facility of 750 million euros to Pakistan.
The first tranche of the loan will be released before mid of the current month.
The IDB will also provide a trade facility of $150 million for import of fertiliser and petroleum products.
The decision was taken during a meeting of IDB President with Finance Minister Mohammad Ishaq Dar in Jeddah, according to a communication received here.
During the meeting the President of Islamic Development Bank assured the finance minster of the full cooperation and support of IDB for Pakistan.
The IDB president informed the finance minister that Islamic Development Bank was keen to work with Pakistan for the eradication of polio in the country.
The IDB president appreciated the reforms and liberalisation measures taken by the government of Prime Minister Nawaz Sharif for revival and stabilisation of economy.
The finance minister appreciated the support extended by IDB to Pakistan and the personal interest taken by Dr. Ahmed Mohammad Ali.
Dr Ahmed Mohammad Ali praised the finance minister for his contribution towards the development and performance of IDB when he was its Chairman in 1998-99.
Senator Ishaq Dar appreciated the role being played by IDB in helping member Islamic countries and promoting Islamic mode of banking.
Senator Ishaq Dar invited Dr Ahmed Mohammad Ali to visit Pakistan.
In line with its overall objectives of fostering economic development and social progress, the bank finances productive projects and programmes in both public and private sectors in member countries.
It invests in economic and social infrastructure projects, provides technical assistance to member countries and assists in the promotion of foreign trade, especially capital goods.