ADB provided $1.31b to Pakistan in 2021

Islamabad, The Gulf Observer: The Asian Development Bank provided $ 1.31 billion to Pakistan in the form of loan and grant during 2021.

The financing was aimed at to reduce poverty and improve the country’s prosperity and resilience by supporting infrastructure, urban services, private sector, energy and food security, transport networks and social services.
 To date, the bank has committed 723 public sector loans, grants, and technical assistance totaling $37 billion to Pakistan. Cumulative loan and grant disbursements to Pakistan amount to $28.27 billion, it added.
 These were financed by regular and concessional ordinary capital resources, the Asian Development Fund (ADF) and other special funds. The ADB’s ongoing sovereign portfolio in Pakistan includes 48 loans and 3 grants worth $8.42 billion, it added.
The bank was also supporting government’s development vision and envisaged country partnership strategy 2021–25 for Pakistan, focusing on three priorities including improving economic management, building resilience and boosting competitiveness and private sector development.
Under the country partnership strategy 2021–25, ADB will support Pakistan’s development priorities by focusing on improving economic management, building resilience, and boosting competitiveness and private sector development.
ADB’s assistance for domestic resource mobilization, financial inclusion, and energy sector reforms will support macroeconomic management. Financing for workforce readiness and health will help build resilience. Support for infrastructure and urban sector investments will improve rural connectivity and urban municipal services.