Islamabad: The government signed two loan agreements on Thursday of an accumulated worth of USD 750 million with the World Bank (WB) and the Asian Infrastructure Investment Bank (AIIB) – under the Resilient Institutions for Sustainable Economy (RISE) programme, according to news sources.
Under the agreement, the WB will extend a loan of worth USD 500 million and AIIB will co-finance the initiative with USD 250 million.
As per the Economic Affairs Division, the concessional financing – being provided in the form of budgetary support – under RISE and development policy financing aims to enhance the policy, institutional and regulatory frameworks. This assistance will improve the country’s fiscal management and foster growth. The programme will also mitigate the coronavirus impact and address medium-term reforms.
Following the agreement, the USD 750 million will be given to Pakistan in a single tranche. The agreements were signed by the Ministry of Economic Affairs Secretary Noor on behalf of the Pakistani government. Meanwhile, AIIB Vice President Konstantin Limitovsriy and WB Country Director Patchamuthu Illangovan signed the agreements on behalf of their respective institutions.
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