Islamabad: Finance Minister Ishaq Dar shared that the Asian Infrastructure Investment Bank (AIIB) has approved a USD 500 million loan for post-flood rehabilitation in Pakistan, according to news published on November 10.
As per the details, the AIIB will provide USD 500 million as co-financing of the Asian Development Bank (ADB)-funded Building Resilience with Active Countercyclical Expenditure (BRACE) programme for the country. The funds will be transferred to the State Bank of Pakistan (SBP) within November to help mitigate damages caused by the devasting floods.
It is pertinent to note that the ADB transferred USD 1.5 billion loan under BRACE for budgetary support and rehabilitation and reconstruction activities related to the flood. Under the BRACE programme, the loan is given for the provision of social protection, support employment, and promote food security amid the devastating floods and global chain disruptions.
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