Islamabad: Pakistan and the Islamic Development Bank (IsDB) have signed three loan agreements worth a total of $603 million, aimed at supporting poverty reduction, education, and economic recovery initiatives across the country.
The agreements were signed by IsDB Vice President Dr Rami Ahmad and Secretary of the Economic Affairs Division Muhammad Hamir Karim, according to an official statement.
Under the agreements, a comprehensive poverty alleviation programme will be launched to support extremely poor and flood-affected households. The programme has a total cost of $134.2 million, of which the Islamic Development Bank will provide $118.4 million.
The initiative will be implemented in 25 districts and is expected to benefit 160,866 households, helping families move towards economic self-reliance and establish sustainable livelihoods.
In addition, the Islamic Development Bank will provide $10 million for an education project in Azad Jammu and Kashmir, targeting out-of-school children. The project aims to re-enrol around 60,000 children into schools and provide professional training to 4,000 teachers.
Speaking on the occasion, IsDB Vice President Dr Rami Ahmad said the bank was keen to further expand cooperation with Pakistan in areas of mutual interest, particularly in poverty reduction, education, and human development.
