The IDB delegation expressed interest in setting up a joint fund with the ICCI for supporting SMEs and innovators in business development and growth. PHOTO: FILE
ISLAMABAD: Islamic Development Bank (IDB) President Dr Bander MH Hajjar has said that the IDB Group’s relationship with Pakistan spanned over 40 years during which it supported sustainable and inclusive development in the country and it would continue to support Pakistan in economic growth and social uplift.
He was interacting with the business community at a dinner hosted by the Islamabad Chamber of Commerce and Industry (ICCI) on Monday evening. Hajjar revealed that the IDB wanted to support Pakistan in the areas of science, technology, innovation, value chains, economic empowerment and public-private partnership in order to contribute to implementation of a road map launched recently by the government of Pakistan.
He also shared with the business community a new development model set out in his new book “The Road to the SDGs: A New Business Model for a Fast-Changing World”, which was launched at the 2019 IsDBG Annual Meeting.
Speaking on the occasion, ICCI President Ahmed Hassan Moughal pointed out that the IDB Group had provided total financing of $12.43 billion for various development projects in Pakistan, which showed its crucial role in the country’s economy.
He said the IDB Group was financing some key projects in Pakistan like Neelum-Jhelum hydroelectric power project, Jamshoro power station and Casa-1,000 project, which would improve the energy situation and meet energy needs of the industry, leading to better industrialisation and promotion of investment in the country.
Meanwhile, a delegation of the IDB Group discussed financing needs of the local business community in various projects, which would expand their businesses and further strengthen the small and medium enterprise (SME) sector.
Representatives of the Islamic Corporation for the Development of Private Sector (ICD), International Islamic Trade Finance Corporation (ITFC), Islamic Corporation for Insurance and Export Credit (ICIEC) and Islamic Research and Training Institute (IRTI) were in the delegation. The delegation expressed interest in setting up a joint fund with the ICCI for supporting SMEs and innovators in business development and growth.
Published in The Express Tribune, May 8th, 2019.
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