ISLAMABAD May 10: Prime Minister Shaukat Aziz on Wednesday invited the Islamic Development Bank (IDB) to participate in a consortium being formed to finance the construction of water reservoirs in Pakistan.

Talking to Islamic Development Bank President Ahmed Muhammad Ali, the prime minister said Pakistan valued the support provided by the IDB to Pakistan in its development process.

According to an official handout, the IDB president assured the prime minister of bank’s support in the construction of water reservoirs, adding that the bank was also considering financing projects in railways and energy sector.

He apprised Mr Aziz of IDB’s restructuring and reorganisation plans.

The prime minister assured Mr Ali of Pakistan’s support in the restructuring plans which would enable the bank to face challenges of the rapidly changing world.

The prime minister said Pakistan was promoting Islamic banking and Islamic insurance systems, adding that the share of Islamic banking in the overall banking system was increasing.

Talking of the economic recovery achieved by the country, the prime minister said that all economic indicators were showing an upward trend, index of human development was improving, poverty was declining and inflation rates were decreasing.

The prime minister informed the IDB president that the World Economic Forum would be held in Pakistan in September this year and sought his bank’s support to make the meeting a real success.

The prime minister also thanked the IDB president for the support and assistance provided by the bank for reconstruction and rehabilitation of earthquake affected areas. The IDB is providing $500 million for these areas.