IDB to give $3bn for development

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Our Correspondent | National | From the Newspaper January 23, 2012

ISLAMABAD: The Islamic Development Bank (IDB) will provide around $3 billion to Pakistan during 2012-15 to help it achieve sustainable socio-economic development.

The IDB plans to provide the funding under a new partnership strategy, a copy of which has been obtained by Dawn.

The assistance will be used for infrastructure development in energy and transport sector; supporting sustainable agriculture and rural development; and enhancing human development in education and health sectors.

Among other areas of prospective financing, 10 per cent will be earmarked for the private sector development and 5pc for the Islamic finance and capacity building.

The financing will be firmed up during the IDB group programming missions to Pakistan. The size of the financing will be eventually determined by the borrowing appetite of the government, identification of bankable projects, resource mobilisation by the IDB group and partnership with other donors.

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