Marrakech, Morocco, 10 October 2023 – Pakistani Finance Minister H.E. Dr. Shamshad Akhtar and Islamic Development Bank (IsDB) President, H.E. Dr. Muhammad Al Jasser, met on the sidelines of the 2023 World Bank-IMF Annual Meetings in Marrakech, Morocco, where they discussed how to maximize the impact of development for the benefit of the people of Pakistan.

During the meeting, several issues of mutual interest were discussed, covering the energy sector, and building safety nets for vulnerable populations.  

H.E. Dr. Al Jasser reaffirmed IsDB Group's commitment to strengthening bilateral cooperation and contributing to Pakistan's efforts to enhance socioeconomic development and prosperity.

As of June 2023, the IsDB Group has approved a total financing of approximately US$15.1 billion for various projects and operations in Pakistan, covering both public and private sectors, with 49 active operations. The focus has shifted towards new projects aimed at enhancing resilient healthcare and housing infrastructure in Pakistan, following the devastating floods that occurred in the country in 2022.

Furthermore, IsDB Group is in the process of finalizing a medium-term country engagement framework (CEF) for 2023-2025, which will expedite the delivery of resilient development projects in Pakistan. The discussions also highlighted enhancing cooperation for future collaboration in the field of Islamic financial products, poverty alleviation, and education. Special emphasis was placed on reintegrating out-of-school children into the education system through collaboration with the Bank’s leading global partners.