Pakistan has secured a $603 million loan from the Islamic Development Bank (IDB) to support key social and economic programs.
Agreements were signed by IDB Vice President Dr. Rami Ahmed and Pakistan’s Secretary of the Economic Affairs Division, Muhammad Hameer Karim.
Under the agreement, $118.4 million will be allocated for a poverty alleviation program targeting extremely poor and flood-affected families. The initiative will benefit more than 160,000 families across 25 districts.
Additionally, $10 million will be provided for the out-of-school children project in Azad Kashmir. The program aims to re-enroll 60,000 children in schools and train 4,000 teachers to ensure quality education.
Strengthening bilateral cooperation
Dr. Rami Ahmed emphasized that the Islamic Development Bank is keen to further expand cooperation with Pakistan in areas of mutual interest. He highlighted the importance of supporting social and educational programs as part of sustainable development efforts.
The Economic Affairs Division noted that the funding will significantly boost poverty reduction and education initiatives in Pakistan, helping vulnerable communities recover from the impact of natural disasters and improving access to schooling for marginalized children.
