Pakistan and the Islamic Development Bank signed three loan agreements worth $603 million, aimed at supporting infrastructure development and social sector programmes across the country.

The agreements were signed by senior officials from both sides, in the presence of federal ministers Ahsan Khan Cheema and Syed Imran Ahmed Shah there.

The Islamic Development Bank will provide $475 million for the M-6 Sukkur to Hyderabad Motorway, a key section of the Peshawar to Karachi motorway network.

Pakistan also signed an agreement with the bank to launch a poverty alleviation programme for families affected by floods across 25 districts of the country.

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The programme’s total cost is $134.2 million, with the Islamic Development Bank contributing $118.4 million towards its nationwide implementation across multiple flood affected regions nationally.

For a separate initiative in Azad Kashmir addressing out-of-school children, the Islamic Development Bank will provide $10 million in funding under the agreed project framework.

Meanwhile, the Pakistan government plans to seek a rollover of a $3 billion loan deposited by the United Arab Emirates with the State Bank arrangement.

Officials said Prime Minister Shehbaz Sharif will request the rollover before maturity, as three $1 billion tranches fall due between January and July this year.