09
Jul

Loan Package worth USD 10 Billion Promised by ADB for Developmental Projects

Islamabad: ADB (Asian Development Bank) has recently pledged to provide Pakistan with USB 10 billion loan package for funding various developmental projects in the country.


As per the concerned officials, the funds are going to be utilized for the development of multiple initiatives in the timeframe of 5 years. For this purpose, the Asian Development The bank is providing the funds worth USD 2.1 billion in the current financial year.

A few days back, the federal government of Pakistan asked ADB to play an important as well as an advisory role in the development and planning projects Pakistan has. The promise of contributing USD 10 billion as a loan for Pakistan is the decision made by Asian Development Bank in a response to the request.

Before this, the lending agency (ADB) had a number of country consultations in its bid to develop a five-year-long CPS (Country Partnership Strategy) for the country. Muhammad Ehsan Khan; the Senior Adviser for Central and West Asia from Asian Development Bank, Nadeem Babar; Special Assistant to the Prime Minister (PM) for the Petroleum Division, Safdar Parvez; the Director for Regional Cooperation and Operations from ADB and Noor Ahmed; the Economic Affairs Division Secretary were there to witness the occasion.

This initiative is going to guide the relationship of the country with ADB from 2020 to 2024, along with shaping the loan package in accordance with Pakistan’s developmental goals. This is also going to take into account the activity of other stakeholders as well as investors operating within Pakistan.

Xiaohong Yang, the Country Director for Pakistan from Asian Development Bank told the news sources that this partnership with Pakistan is aimed at the provision of analytical support, growth of public-private partner and application of the latest technologies. The organization is going to continue its private sector operations as well as the public sector investment initiatives to facilitate the economic growth of the country.