IDB to finance Pak projects

Islamic Development Bank (IDB) is ready to finance up to 65 per cent cost of Pak projects in textile, agriculture, energy, food, hosiery and garment sectors in order to foster economic development and social progress.IDB President Dr Ahmed Mohamed Ali assured deputy leader of a 10-member Pakistan private sector delegation, Iftikhar Ali Malik, during their visit to the 5th World Islamic Economic Forum, concluded a couple of days ago at Jakarta.

The forum was attended by high-profile delegates from 57 Muslim states.Malik, who returned home on Friday after attending the three-day World Islamic Economic Forum which concluded on March 4, told media persons that he held a productive meeting with the IDB chief who assured him that the bank is ready to finance projects in Pakistan up to 65 per cent.He said that Pakistani businessmen dealing in textile, agriculture, energy, food, garments and hosiery sector must avail this opportunity.

He said IDB chief explained to him that prime object of bank is to foster economic development and social progress of the member countries and Muslim states in accordance with the principles of Shariah.He said that all delegates from 57 Muslim countries who attended the WIEF session expressed their keen interest to establish and promote trade links with Pakistani counterpart in different sectors.He said that IDB is also ready for investment in joint ventures with Pak private sector provided the projects must be genuine. He said Pak exporters and traders in order to capture Muslim market must adopt modern techniques of marketing only through promotion of branding trade mark of their international standard products.He said Pak traders must bear in mind the importance of better quality of products, excellent finishing and outstanding design etc.

Malik said he is advising the Pak traders on the basis of his 45 years of experience and added that international quality of their branded products will help capture the European Union and Muslim countries markets.