Pakistan

Asian Development Bank to provide $2.7bn to Pakistan in 2019 – Pakistan

The Asian Development Bank (ADB) announced Wednesday that the regional bank will provide $ 2.7 billion in approved financing to Pakistan during the outgoing calendar year.

The ABD, through a tweet, also announced that, under the recently approved Country Operations Plan (COBP) 2020-2022, it will increase the average loans to the country to $ 2.4 billion a year, showing a huge increase in $ 1.4 billion on average from 2015 to 2018.

According to the ADB, it will take advantage of the country's loans by mobilizing cofinancing and financing from other sources, including regional concessional resources.

"The new COBP will support Pakistan's development goals and complement the efforts of other development partners," he added.

On Monday, the Manila-based loan agency said it had approved a $ 200 million loan as additional financing to support the Benazir Income Support Program (BISP).

A press release issued by the ADB noted that an ADB-funded social protection development project, approved in 2013, had allowed the registration of more than 855,000 BISP beneficiaries.

In early July, the ADB had announced extending indicative loans of up to $ 10 billion to Pakistan for several development projects and programs over the next five years.

The bank said it had a series of consultations with countries to formulate a new Country Partnership Strategy (CPS), which will guide ADB's participation in the country from 2020 to 2024. The purpose of the ADB 5-year CPS is to define priorities and support Pakistan Development of goals. The new strategy will also complement the efforts of other development partners.

Source: https://www.dawn.com/news/1509901/asian-development-bank-to-provide-27bn-to-pakistan-in-2019

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