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IDB ups amount for quake reconstruction

ISLAMABAD: The Islamic Development Bank’s Board of Executive Directors (BoED) has approved and doubled the prefixed urgent assistance amount allocated to Pakistan from $251.6 million to $501.6 million for reconstruction in earthquake-hit areas in the NWFP and Azad Kashmir.

The IDB, under the facility of Export Financing Scheme (EFS), has also approved $25 million for import of refined petroleum products from Kuwait. $146,000 as technical assistance grant for buying research equipment for Gulam Ishaq Khan (GIK) Institute of Engineering and Technology was also approved by the IDB.

The approval of assistance, trade operations and technical assistance were made by an IDB BoED meeting, which concluded at Jeddah recently. In quick response to Pakistan’s need for recovery, rehabilitation and reconstruction, the IDB had announced $251.6 million as urgent emergency relief assistance. At the donors’ conference at Islamabad the bank’s president had announced to increase the assistance by 100 percent to $501.6 million to meet the financial requirements arising out of the earthquake of Oct 8.

The IDB president, under the Import Trade Financing Operations (ITFO), also approved $117 million for Mali for purchase of basic food items. staff report

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