ISLAMABAD: Pakistan’s Minister for Economic Affairs, Mohammad Hammad Azhar, met with the President of the Islamic Development Bank (IDB), Dr. Bandar Al-Hajjar in Jeddah on Thursday and proposed restoration of IDB’s budgetary support program in Pakistan
Azhar is currently in Jeddah to attend a seminar organized by the International Islamic Trade Finance Corporation.
“Minister impressed upon the IDB chief to scale up the Bank’s portfolio in Pakistan which is one of the largest economies in the Islamic world,” Consulate General of Pakistan in Jeddah said in a statement.
Pakistan’s Minister for Economic, Mohammad Hammad Azhar, met with the President of the Islamic Development Bank (IDB), Dr Bandar Al-Hajjar in Jeddah on December 05, 2019. (Photo by Consulate General of Pakistan in Jeddah)
The Paksistani minister invited the IDB chief to establish the Bank’s regional hub and gateway office in Islamabad citing the ongoing vital economic projects in the country and the strategic geo-political location of Pakistan. The Pakistani capital also hosts regional hubs of ADB and World Bank.
Azhar also proposed restoration of IDB’s budgetary support program in Pakistan through budgetary financing facilities that will strengthen the country’s exchange reserves.
“During the meeting, the Minister underscored the important role played by IDB in funding vital economic projects in Pakistan including the current 5 on-going projects,” the statement added.
Al-Hajjar for his part said that the IDB attached great importance to Pakistan which was an important member of the Organization of Islamic Cooperation (IOC).
“IDB welcomes the core suggestions for revitalization of IDB and will mount mission, to further progress on issues of policy matters under reference,” the statement quoted the IDB chief as saying.
Al-Hajjar visited Pakistan earlier and held important meetings. “He expressed satisfaction on economic policies of Pakistan. He told that Pakistan has been placed in country support program by IDB,” the consulate said.
