ADB approves $10 billion loan for Pakistan
ISLAMABAD: The Asian Development Bank (ADB) has approved $10 billion loan for Pakistan during the next five years to support the country’s reform and development programs.
As per details, ADB held a series of consultations with the Pakistani government to “formulate a new Country Partnership Strategy (CPS), which will guide ADB’s engagement in the country from 2020 to 2024.
The persons attended the consultations were Special Assistant to the Prime Minister for the Petroleum Division Nadeem Babar, Secretary for the Economic Affairs Division Noor Ahmed, ADB Senior Advisor for Central and West Asia Muhammad Ehsan Khan, ADB Country Director for Pakistan Xiaohong Yang, and ADB’s Director for Regional Cooperation and Operations Safdar Parvez, and representatives of the provincial governments.
According to a press release, the loan will be issued in installments spanning over 5 years for numbers of projects, said a press release issued by ADB.
The press release further adds that ADB is crafting a new country partnership with the incumbent government of Pakistan. The aim of the loan is to introduce stability in Pakistan’s economy and state-institutions.