Financial and Banking News


IDB Provides Assistance to Pakistan and Oman

The Islamic Development Bank (IDB) has agreed to provide $22.3mn to Pakistan and Oman, according to two agreements signed last week. Pakistan will receive $17.3mn to part finance the purchase of two oil rigs, and Oman will receive $5mn in the form of a line of equity to the Development Bank of Oman to help it purchase equity in small and medium-sized development projects on behalf of the IDB.