Islamabad: The Asian Development Bank (ADB) has pledged to provide Pakistan with a loan package of up to USD 10 billion for funding several development projects, a news source reported.
According to the officials concerned, these funds will be utilised for developing multiple uplift initiatives during the next five years. For this purpose, the ADB plans to provide funds amounting to USD 2.1 billion in the current fiscal year.
Previously, the lending agency had a number of country consultations in its bid to devise a five-year-long ‘Country Partnership Strategy’ (CPS) for Pakistan. ADB Senior Adviser for Central and West Asia Muhammad Ehsan Khan, Special Assistant to the Prime Minister (PM) for Petroleum Division Nadeem Babar, ADB Director for Regional Cooperation and Operations Safdar Parvez, and Economic Affairs Division Secretary Noor Ahmed were all present at the occasion.
This initiative will guide ADB’s relationship with the country from 2020 to 2024 while shaping the loan package in accordance with Pakistan’s development goals. It will also take into account the activity of other investors and stakeholders operating within the country.
ADB Country Director for Pakistan Xiaohong Yang said that this partnership was aimed at the provision of analytical support, application of new technologies, and growth of public-private partnership. The organisation intends to continue its private sector operations and public sector investment initiatives to facilitate the country’s economic growth.
