IsDB holds 348th board meeting

ISLAMABAD: The Islamic Development Bank (IsDB) has provided around $14.7 billion in financing development for Pakistan over the years, it said in the 348th meeting of IsDB board of executive directors held in Jeddah, stated a press release.

The meeting was attended by Secretary of Economic Affairs Division Kazim Niaz, who also attended the board meetings of IsDB subsidiary organisations i.e. the Islamic Solidarity Fund for Development (ISFD), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and Islamic Development Bank Institute (IsDBi).

Decisions taken during the board meetings included approval of financing for development projects in member countries, new operations, and business plans as well as the bank’s strategy in challenging global economic circumstances.

The bank also discussed development cooperation with Pakistan in the health sector, food security, water and sanitation, and matters related to finances need for the reconstruction and rehabilitation after recent floods.

Kazim Niaz also met the president of the IsDB Group Muhammad Sulaiman Al-Jasser on the sidelines of the board meetings.

It is pertinent to mention that Pakistan is the tenth largest shareholder of the IsDB and a founding member of the bank.