Islamabad: Pakistan and the Islamic Development Bank (IDB) have formalized three loan agreements amounting to $603 million during a signing ceremony held in Islamabad. The agreements were signed following a meeting between Pakistan's Minister for Economic Affairs, Ahad Khan Cheema, and IDB Vice President, Dr. Rami Ahmed. Federal Minister for Poverty Alleviation and Social Protection, Syed Imran Ahmed Shah, along with other senior officials, attended the ceremony.

According to Radio Pakistan, the first agreement involves the IDB extending $475 million in financial assistance for the M-6 Sukkur-Hyderabad Motorway project. This project is expected to enhance connectivity and boost economic activities in the region.

The second agreement focuses on launching a program aimed at alleviating poverty among extremely poor and flood-affected households. This initiative seeks to provide sustainable employment and economic independence, reducing reliance on cash assistance. The total cost of the poverty alleviation program is $134.2 million, with the IDB contributing $118.4 million. The project will be rolled out across twenty-five districts, benefiting over 160,000 households.

Under the third agreement, the IDB will allocate $10 million for a project targeting out-of-school children in Azad Jammu and Kashmir. This initiative aims to improve educational access and outcomes for children in the region, addressing a crucial area of need.