Islamabad: Under its ‘Country Assistance Strategy’ programme, the Asian Development Bank (ADB) has offered USD 7.5 billion to Pakistan, according to a news source. As per officials, the lender will provide this funding over a period of four years (2020-2024).
This decision was taken during a two-day visit of a high-level ADB delegation led by its Vice President Shixin Chen. This delegation, which also included Adviser Ehsan Khan and Country Director for Pakistan Xiaohong Yang, held meetings with Prime Minister Imran Khan and other high-level officials.
In response, Minister for Planning and Development Makhdum Khusro Bakhtiar welcomed this assistance and expressed the hope that the ADB would expand its portfolio to include other areas in the future. Currently, the ADB is prioritising projects related to agriculture, water, tourism, education, health, housing, sanitation, climate change, and the social sector.
Bakhtiar revealed that the ADB’s Country Partnership Strategy (CPS) for 2020-2024 was being prepared. It may involve support for a large number of sectors such as information & communications technology, housing, education, water supply, sustainable development, and the Clean and Green Pakistan Initiative. He stated that the CPS would hopefully be finalised soon, after consulting all the stakeholders.
Meanwhile, the delegation, in its meeting with the PM Imran Khan, agreed that a review of ongoing ADB projects and their fund disbursement should take place every month to make the process more efficient. Minister for Economic Affairs Muhammad Hammad Azhar and Adviser to Prime Minister on Finance Abdul Hafeez Sheikh were all present at the occasion.
In addition, the ADB committed that it would disburse funds worth USD 1 billion for budgetary support and USD 300 million for the energy sector in November.
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