ISLAMABAD: The Asian Development Bank (ADB) Tuesday approved a $300 million loan to further develop Pakistan’s capital markets, promote private investment in the country, and help to mobilize domestic resources to finance sustainable growth.

The second subprogram of ADB’s Third Capital Market Development Program builds on institutional and regulatory reforms put in place under the first subprogram approved in 2020.

“For several years ADB has been Pakistan’s lead development partner in supporting the evolution of its capital markets,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.

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“By making the country’s capital markets more robust and strengthening government debt management, this new program will also help to mobilize more domestic resources which support the government’s efforts to finance sustainable growth and respond effectively to crises.”

The ADB said it was committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.