fbpx mmnews

ADB approves $200 million loan to Pakistan

ADB, Pakistan sign $5.28m grant to strengthen virus response
ISLAMABAD: The Asian Development Bank (ADB) on Monday approved a $200 million loan as additional financing to support the Benazir Income Support Programme (BISP).
According to a press release issued by the Manila-based lending agency, the amount is additional financing issued by the bank for the social development project which supports more than five million eligible families across the country through over $3.6 billion in total cash transfers so far.
The agency added that the additional financing would continue to support cash transfers as well as help BISP implement institutional strengthening measures.
The ADB official noted that the initiatives included asset transfer programmes that promote improved human capital and reduce inter-generational poverty.
ADB Country Director for Pakistan Xiaohong Yang also weighed in on the loan, saying that the additional financing would support further institutional strengthening
Xiaohong Yang said, “A policy research unit will also be established within BISP to help monitor and improve the performance of ongoing programmes and design new cost-effective and evidence-based initiatives.”
Comments: 0

Your email address will not be published. Required fields are marked with *