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ISLAMABAD: Pakistan and the Islamic Development Bank (IsDB) signed three loan agreements totaling approximately $603 million to finance infrastructure, <a href="https://www.pakistantv.com/article/g20-billionaires-could-end-world-poverty-in-one-years-earnings-oxfam-1" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">poverty reduction</a> and education projects, according to the Ministry of Economic Affairs. In an official statement, the ministry reported that the largest portion of the funding will allocate $475 million for the M-6 Sukkur-Hyderabad Motorway. The project will serve as a critical link in the proposed Peshawar-Karachi Motorway network. The bank also committed $118.4 million to the Poverty Graduation of Extremely Poor and Flood Affected Households project. The $134.2 million initiative aims to transition ultra-<a href="https://www.pakistantv.com/article/indias-modi-readies-bellwether-poll-in-poorest-bihar-state" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">poor</a>&nbsp;families from cash assistance dependency toward sustainable livelihoods and economic self-reliance. Officials will implement the poverty program in 25 districts, including five areas most affected by floods in 2022 and 2025. The project will target 160,866 households. It aims to create 100,000 employment opportunities through asset transfers, interest-free loans and skills development. A third agreement will provide $10 million for the Out-of-School Children project in Azad Jammu and Kashmir. The funding aims to return 60,000 children to classrooms and support training for 4,000 <a href="https://www.pakistantv.com/article/can-ai-replace-teachers-tech-giants-invest-millions-in-training-educators" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">teachers</a>. Ahmad said the bank remains keen on expanding cooperation with Pakistan in areas of mutual interest. The Minister for Economic Affairs Ahad Khan Cheema acknowledged the bank&#39;s continued support for the country. Economic Affairs Division Secretary Muhammad Humair Karim and IsDB Vice President Rami Ahmad finalized the deals in Islamabad. Minister for Economic Affairs and Minister for Poverty Alleviation and Social Safety Imran Ahmad Shah witnessed the signing ceremony.

Economy

Pakistan and the Islamic Development Bank signed three agreements worth $603 million to finance the Sukkur-Hyderabad Motorway, poverty alleviation programs and education projects in Azad Jammu and Kashmir.

Articles tagged with "poverty reduction"

Pakistan signs $603 million agreements with Islamic Development Bank