Asian Development Bank to provide $2.7bn to Pakistan in 2019

Published October 9, 2019
The bank will increase average lending to the country to $2.4 billion a year from $1.4bn. — AFP/File
The bank will increase average lending to the country to $2.4 billion a year from $1.4bn. — AFP/File

The Asian Development Bank (ADB) on Wednesday announced that the regional bank will provide $2.7 billion in approved financing to Pakistan during the outgoing calendar year.

The ABD, through a tweet, also announced that under the recently approved Country Operations Business Plan (COBP) 2020-2022, it will increase average lending to the country to $2.4bn a year — showing a whopping increase from the $1.4bn on average from 2015 to 2018.

According to the ADB, it will leverage the country's lending through the mobilisation of co-financing and funding from other sources, including regional concessional resources.

"The new COBP will support Pakistan’s development goals and complement efforts by other development partners,” it added.

On Monday, the Manila-based lending agency said it had approved a $200 million loan as additional financing to support the Benazir Income Support Programme (BISP).

A press release issued by the ADB noted that an ADB-financed social protection development project, approved in 2013, had enabled the enrollment of over 855,000 beneficiaries of the BISP.

Earlier in July, the ADB had announced to extend up to $10 billion indicative lending to Pakistan for various development projects and programmes during the next five years.

The bank said it had a series of country consultations to formulate a new Country Partnership Strategy (CPS), which will guide ADB’s engagement in the country from 2020 to 2024. The purpose of ADB’s 5-year CPS is to define priorities and to support Pakistan’s development goals. The new strategy will also complement efforts by other development partners.

Opinion

Editorial

Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...