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ISLAMABAD: A five-member delegation led by Mr.Birama Boubacar Sidibe, Vice President (operations) Islamic Development Bank (IDB) called on Finance Minister Senator Mohammad Ishaq Dar at his office. Mr Birama said that Pakistan is an important member country of the IDB and he assured the Finance Minister for Bank's support in the implementation of the plans and priorities set by the government of Prime Minister Mohammad Nawaz Sharif, says a press release. The Vice President Islamic Development Bank informed Senator Ishaq Dar that he expects the project Pakistan plans to undertake in future would make IDB one of its largest operations "Your priority is our priority" said Mr. Birama. Mr Birama who held meetings with senior officials of Economic Affairs Division and Planning Department said that he was impressed with the resolve of the government and was optimistic that the initiatives and economic measures taken by the government of Pakistan would put the macro-economic indicators banks to green. The Vice President informed the Finance Minister that International Rating Agencies had rated IDB as AAA and that the Bank counted on Pakistan support which was one of its founder member to maintain its ranking. Mr Biama conveyed the good wishes of President IDB Dr Mohammed Ahmad Ali and assurances of his continued support. Senator Ishaq Dar said that he was thankful to the President of Islamic Development Bank Dr Ahmad Mohammed Ali who met him on August 2 ,2013 on a short when he was visiting Saudi Arabia for performing Umra. He said that IDB not only readily agreed to a loan of 750 million Euros and a trade facility of 150 million but also released the first tranche by August 15, 2013. Mr. Birama also informed the Finance Minister that IDB was prepared to disburse an additional 850 million dollars in the next three years for project assistance to Pakistan. The Finance Minister also thanked IDB for financing Nelum Jhehum Hydropower Project and hoped that the project whose cost had tripled due to neglect of the previous government would be completed by 2016 as Prime Minister Nawaz Shraif was taking personal interest. Similarly, work on Nanidpur Project which had been delay for over three years had been started in full swing.
The Minister for Commerce, Khurram Dastgir, has said that understanding between Pakistan and India to accelerate steps to promote bilateral trade would benefit both countries.
Talking to newsmen at Wagah border on his return from New Delhi on Saturday‚ Dastagir said that during his meeting with his Indian counterpart‚ they agreed to provide no..... Read more
Optimistic about its growth prospects in Pakistan, the Coca-Cola Company – one of the world’s largest beverage companies – will invest $379 million on manufacturing facilities across Pakistan over the next three years to expand its business, the company’s Pakistani subsidiary announced on Monday.
The announcement comes on top of th..... Read more
HONG KONG: Asian shares Tuesday extended their gains and the dollar pushed back towards 100 yen after strong manufacturing data in China and Europe pointed to an uptick in the global economy.
Stocks in emerging economies also enjoyed small rises after a painful August that saw a huge global sell-off, while easing fears of an imminent strike on Syria..... Read more
