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Islamic Development Bank

Pakistan to borrow $4bn loan from Saudi-backed Islamic Development Bank

ISLAMABAD: Pakistan plans to borrow more than $4bn from the Islamic Development Bank as part of efforts to revive the economy and restore the low levels of foreign currency, according to a report in the Financial Times. The Financial Times quoted two anonymous officials saying that the Jeddah-based bank has agreed to make a formal offer to lend Islamabad the money when Imran Khan takes over as prime minister. Asad Umar, who is proposed as the next finance minister, is expected to accept the offer. “The paperwork is all…

Islamic Development Bank to move staff outside Saudi, lead projects in strategy shift

DUBAI: The Jeddah-based Islamic Development Bank (IsDB) will move hundreds of its staff outside Saudi Arabia and play a lead role in designing investment projects as the multilateral lender changes strategy under a new president. With 57 member countries across four continents, operating assets of $16 billion and subscribed capital of $70 billion, the IsDB is a major lender to much of the Muslim world. It now aims to decentralize in order to get closer to its member countries, while playing a more aggressive role…

Turkmenistan borrows $700 million for TAPI pipeline: state media

BAKU: Turkmenistan has borrowed $700 million from the Islamic Development Bank (IDB) to finance the construction of a natural gas pipeline through Afghanistan to Pakistan and India, the country's official news agency said on Friday. The $10 billion TAPI (Turkmenistan, Afghanistan, Pakistan and India) pipeline, originating at the giant Galkynysh gas field in Turkmenistan would carry 33 billion cubic metres (bcm) of gas a year. Turkmenistan, which sits on the world's fourth-largest gas reserves, last December started…