The Islamic Development Bank (IDB) will provide $72.5 million to Pakistan for the procurement of Covid-19 vaccine to contain the spread of the pandemic, the institution has announced.

An agreement for the purpose has been signed between the IDB and Pakistan government, and Economic Affairs Minister Omar Ayub Khan and IDB President Dr Muhammad Al Jasser witnessed the signing ceremony in Islamabad.

The IDB said in a statement that under the approval for the funding, the country’s IVAC Covid-19 Vaccine Support Project — also co-funded by the World Bank and the Asian Development Bank — will receive $70m from the IDB as well as $2.5m from the IDB’s Islamic Solidarity Fund for Development (ISFD).

"The funding will contribute to the Pakistan government’s efforts to vaccinate 70 per cent of the country's population eligible for vaccination aged 18 years and above, including healthcare and frontline workers and other priority groups," it said.