September 28, 2020

ADB To Lend $7.5 Billion To Pakistan Over The Next Three Years

A high-level delegation from the Asian Development Bank, led by ADB’s Vice President Shixin Chen, conducted a two-day visit to Pakistan and met with the PM and his ministers. During the meeting of the ADB with the Finance minister Dr. Abdul Hafeez Sheikh, on Thursday the 29th of August, the ADB officials promised a 7.5 billion dollar grant/loan to Pakistan over the next three years.

The federal Minister for Planning Development & Reform Makhdom Khusro Bakhtyar said that the projects funded by the ADB would be reviewed monthly to speed up the work. He also said that the ADB should consider increasing their investment in Pakistan and start more projects. The minister added that the Bank’s Country Partnership Strategy (CPS) for the year 2020-2024 is under preparation and the bank might choose to support more development projects in Pakistan, such as the Clean and Green Pakistan Initiative, higher education projects, housing sector projects or water supply management systems.

ADB is already giving loans to Pakistan for 50 different development projects, worth $6.15 billion, out of which $.98 billion have already been disbursed. In the delegation’s meeting with the PM, the Vice President of ADB highlighted several short and medium-term projects, that were being financed by the bank and he also briefed the PM about the interests of the bank to support more development projects in Pakistan. The meeting was also attended by Minister for Economic Affairs Muhammad Hammad Azhar and Advisor to the PM on Finance Dr. Abdul Hafeez Sheikh.

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