ISLAMABAD: President Islamic Development Bank (IsDB) Dr Bandar Hajjar has disclosed that Pakistan is the third largest beneficiary of the bank`s financing and the country has received $12.43 billion which are being spent on various projects.

Speaking at a news conference soon af ter attending an event titled `Transformers Roadshow Competition` here on Saturday, Dr Hajjar said his group was financing the projects like Neelum Jhelum Hydro Power Project, Jamshoro Power Station and CASA 1000 project for improving energy needs of the country, says a press release.

The IsDB chief, however, did not mention the names of the first two biggest recipients of the bank`s funding.

Dr Hajjar said during his stay in Pakistan, he had very fruitful and constructive meetings with President Dr Arif Alvi and Prime Minister Imran Khan. He expressed the hope that the prime minister`s vision of `Road to Naya Pakistan` would pave way for the economic prosperity of the country.

Earlier, speaking at the roadshow event, the IsDB chief said Pakistan was an integral member of the group and was playing an active role in promoting its activities. He said the IsDB had earmarked $500 million for promoting science technology and innovation in the member countries.

The event has been organised by the IsDB in association with the OIC`s Ministerial Standing Committee on Scientific and Technological Cooperation known as Comstech and it was also attended by Special Assistant to the Prime Minister on National Health Services Dr Zafar Mirza.

The roadshow is a global initiative in which applicants are invited to pitch ideas accelerating one or more of the UN Sustainable Development Goals (SDGs). The competition attracted more than 200 entrants from across Pakistan with shortlisted 20 teams presented their innovative ideas and four finalists were selected by the judging panel. The winners were awarded $3,000 and a ticket to Transformers Roadshow final to be held in Senegal later this year.

Senior Adviser to the IsDB President Dr Hayat Sindi said the quality of the applications in Pakistan had been exceptionally high and he was delighted to see so many innovative and novel solutions proposed across such a diverse mix of development issues.

`Science, technology and innovation are at the heart of the IsDB`s strategy and through the Transform Fund, our dream is to support solutions designed by local entrepreneurs and innovators who understand their communities`, he added.

Speaking on the occasion, Special Assistant to the Prime Minister on National Health Services Dr Zafar Mirza said there was no dearth of innovative and creative ideas in Pakistan but there was a dire need of directing efforts towards providing indigenous solutions for the problems being faced by the people.

Terming the competition a novel idea, he thanked the IsDB for providing this opportunity to young Pakistani innovators to pitch their ideas for addressing one or more of the UN SDGs.

Dr Mirza said Pakistani innovators were using their skills in producing energy from renewable technologies, which could be linked with industry to eliminate poverty and generate employment. He said with the help of IsDB they had already started a project of mobile health clinics in Islamabad to provide basic health facilities in remote areas.