ISLAMABAD
Pakistan and Islamic Development Bank (IDB) Tuesday signed three loan agreements worth six hundred three million dollars.
These agreements were signed in Islamabad following a meeting between Minister for Economic Affairs Ahad Khan Cheema and Islamic Development Bank Vice President Dr. Rami Ahmed.
Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Poverty Alleviation and Social Protection Syed Imran Ahmed Shah and other senior officials were also present during the signing ceremony.
Under one agreement, Islamic Development Bank will provide four hundred seventy-five million dollars financial assistance for M-6 Sukkur-Hyderabad Motorway project.
The second agreement is related to launch of a program for poverty alleviation of extremely poor and flood-affected households.
The program aims to provide sustainable employment, economic independence and a strong economic foundation to extremely poor families by removing them from dependence on cash assistance.
The total cost of the poverty alleviation program is 134.2 million dollar for which the Islamic Development Bank will provide 118.4 million dollar.
The project will be implemented in twenty-five districts of the country, benefiting more than one hundred and sixty thousand households.
Under the third agreement, the Islamic Development Bank will provide ten million dollar for the out-of-school children project in Azad Jammu and Kashmir.
