The Islamic Development Bank (IDB) has approved a $252 million loan for Pakistan in order to bridge the financing gap for construction of Mohmand dam and partially finance the vaccine procurements.

The regional bank approved the two separate loans last week and the agreement for $72.5 million lending for vaccine procurements was signed on Monday in Islamabad.

The agreement was signed during the visit of Dr Muhammad Al-Jasser, the president of the Islamic Development Bank (IDB), who is in Islamabad on a four-day visit to attend the 17th Extraordinary Session of the OIC on Afghanistan. The IDB president called on Federal Minister for Economic Affairs Omar Ayub Khan.

The bank’s financing for the procurement of Covid-19 vaccine will help contain the its spread, according to an announcement by the Ministry of Economic Affairs .

Meantime, in a separate development on December 13, 2021, the IDB, also approved $72.5 million of funding to support Pakistan’s nationwide vaccination efforts in the face of the ongoing Covid-19 pandemic.