Islamic Development Bank, Pakistan sign $72.5 million deal for COVID-19 vaccine procurement

Karachi: The Pakistan government and the Islamic Development Bank (IsDB) on Monday signed a $72.5 million financing agreement for the procurement of COVID-19 vaccines, Pakistan’s ministry of economic affairs said. 
The agreement was signed during a meeting between Pakistani economic affairs minister Omar Ayub Khan, and Dr. Muhammad Al-Jasser, president of the Islamic Development Bank, who is in Islamabad on a four-day visit. 
“During the meeting, a financing agreement of $72.5 million for procurement of COVID-19 vaccine was signed between the Islamic Development Bank and Economic Affairs Division,” a statement issued by the ministry said. “The Bank’s financing for procurement of COVID-19 vaccine will help to contain the spread of COVID pandemic. The President, IsDB further updated that the Bank has also approved $180 million financing for Mohmand Dam Hydropower Project.” 
Pakistan is a founding member of the Bank, an important multilateral development agency with 57-members. 
Pakistan is the second largest beneficiary of IsDB financing. Since its inception, IsDB has approved $13.6 billion financing for Pakistan, covering all major sectors of the economy such as energy, industry, agriculture, transport and health. 
At Monday’s meeting, Al-Jasser reiterated that IsDB was one of the leading development partners of Pakistan and fully supported the government of Pakistan’s development vision and priorities. Minister Khan applauded IsDB’s role in supporting member countries in their COVID-19 response, the recovery and procurement of vaccine and in saving lives and livelihoods during the pandemic.