By Karim Madad ISLAMABAD, March 30 (INP WealthPK): Pakistan is the second largest beneficiary of Islamic Development Bank (IsDB) Group financing and since its inception in 1975 the bank has approved a total financing of approximately $14 billion for Pakistan, according to the Economic Affairs Division (EAD). The EAD spokesman Saeed Chaudhry told WealthPK that the IsDB Group’s financial support for Pakistan is diverse and covers major sectors of the economy including energy (64%), industry and mining (15%), agriculture (8.3%), transport (3%), health (3.7%), and finance (1.9%). Regarding the ongoing portfolio, he said that currently the IsDB Group’s project/short-term trade financing portfolio is $1.62 billion with ongoing projects including the Polio Eradication Programme (Ph-iii) amounting to $160 million, Support to Basic Education Development Project AJK worth $35 million, Central Asia South Asia electric transmission and trade project (CASA-1000) worth $35 million, Procurement of COVID-19 Vaccine costing $72.50 million, Short-Term Trade Financing by ITFC for import of oil, LNG, and essential commodities, Pak-202 (Direct) costing $50 million, Pak-203 (Direct) amounting to $44 million, Pak-0200 (Syndicated) costing $471.50 million, and Pak-205 (Syndicated) worth $761.50 million. Saeed Chaudhry further informed that the IsDB has also provided technical assistance to various entities/organizations of Pakistan for undertaking assessments, studies, institutional strengthening and capacity building. These include Medical Mobile Units for the Rural Areas of Pakistan costing $25.30 million, Reverse Linkages Project between PMD and MRC Turkey on Seismological Research Project Revised PC-1 under submission by PMD/Aviation Division worth $0.27 million, TA Grant for Enhancement of Agricultural Production using Efficient Irrigation System in Balochistan costing $0.28 million, and 4-TA Grant for operationalization of EXIM Bank of Pakistan. Highlighting the IsDB’s pipeline projects, Saeed Chaudhry said that these include Mohmand Dam Hydropower project costing $180 million and approved by IsDB and BED, Out of School Children in AJK costing $10 million, Out of School Children in Sindh worth $10 million, National Programme for Enhancing Command Areas of Small and Mini Dams in Barani areas of Pakistan costing $45 million, and Water Conversion in Barani Areas of KP costing $25 million. Regarding IsDB’s large footprint in energy and transport sectors, the EAD spokesman said these include Neelum-Jhelum Hydropower Project costing $357.64 million, Khawar Hydropower Project worth $160 million, Procurement of 530 High-Capacity Bogie Wagons (Railways Development Phase-ii) costing $39 million, and Railways Development Project signalling system (Phase-iii) worth $140 million. About ITFCs trade financings, Saeed Chaudhry informed that on the successful completion of the first, second and third Framework agreements (2013-2021), the Government of Pakistan and ITFC have signed the fourth Framework agreement (2022-2024) on June 28, 2021 with the financial resources of $4.5 billion ($1.5 billion annually on the best efforts of basis) for the import of oil, LNG and essential commodities. The fourth framework agreement will be operational in 2022. Under the new agreement, he said that the EAD and ITFC have signed the first Annual Financing Agreement Plan (2022), for Financing of $1.2 billion on February 2021-22. This short-term trade financing will ease pressure on cash reserves of Pakistan, the spokesman concluded.