ADB allocates $300 million for Benazir Income Support Program

ISLAMABAD: ADB has allocated US $300 Million specifically for the Benazir Income Support Program (BISP), under its Country Operations Business Plan (COBP) for Pakistan, for the next three years from 2019-2021.

This funding will be used for up-scaling of the ongoing programs and launching of new BISP initiatives, especially targeted towards poverty alleviation and gender empowerment. ADB is exclusively focusing on the BISP graduation model and has assured full financial support for its implementation.

“Asian Development Bank (ADB) is committed to continue its support to the deprived segments of the society in Pakistan, through the platform of BISP”, said Mr. Werner Liepach, Director General for Central & West Asia Department (CWRD) ADB. He expressed these views during a meeting with Secretary BISP here at BISP HQs today. The meeting was attended by country representatives of ADB and Director Generals from the BISP HQs

The pilot phase of ADB financed program for graduating of BISP beneficiaries out of the poverty has already been initiated and based on its success, a full scaled project will be launched for the BISP beneficiaries across the country.

Mr Werner also assured that the Portfolio Review of the ADB financed projects of BISP would be accelerated to enable preparation for the upcoming projects.

Mr. Werner Liepach stated that the newly elected Government of Pakistan has much more emphasis on social sector initiatives and is more inclined towards executing social sector initiatives through indigenous funding or soft grant options.

ADB appreciates this approach and is strongly committed for future mutual cooperation keeping in view the GOP priorities by offering concessional funding, Mr Werner further stated.

Secretary BISP Omar Hamid Khan welcomed the support exhibited by ADB for BISP programs and stated that ADB has a pivotal role in supporting women empowerment and poverty reduction in the country.

He added that BISP engagement history with ADB reflects harmony in mutual understanding of both the organizations. Reciprocating Mr Werner’s commitment for support, Secretary BISP ensured full cooperation in the timely and efficient execution of all future programs and initiatives.