ADB approves $659 million financing for Pakistan
The Asian Development Bank (ADB) has announced the approval of a substantial financing package totaling 659 million US dollar for three distinct projects in Pakistan.
These initiatives are aimed at fostering more inclusive and sustainable growth and development and will be executed in collaboration with the federal government, Sindh, and Khyber Pakhtunkhwa provinces.
According to a statement released by the Manila-based lending agency, the projects will specifically target key areas such as improving domestic resource mobilization, rehabilitating schools affected by the destructive floods in August 2022, and enhancing agricultural productivity to bolster food security.
Yevgeniy Zhukov, ADB's Director General for Central and West Asia, highlighted the significance of this financing influx in aiding Pakistan's recovery from the repercussions of last year's economic challenges and the catastrophic floods. He emphasized the importance of steering the nation back toward sustainable and inclusive long-term development.
The financing package allocated by ADB consists of three separate loans: $300 million dedicated to enhancing domestic resource mobilization, $275 million allocated for the rehabilitation of schools impacted by the devastating floods of August 2022, and an additional $80 million directed towards improving agricultural productivity to fortify food security measures.
Simultaneously, the ADB announcement coincided with a meeting between the World Bank's Debt Management and Sustainability Mission and the finance minister of Pakistan. The objective of this meeting was to review the country's debt management strategies and overall sustainability.
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