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ADB to provide $10 billion in fresh assistance to Pakistan for various development projects

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November 5, 2020 (MLN): The Asian Development Bank (ADB) is planning to provide around $10 billion in fresh assistance for various development projects and policy-based programmes to Pakistan, various media reports as well as ADB informed on Thursday.

The financial assistance is likely to be given over the next five years under ADB’s new Country Partnership Strategy (CPS-2021-25). The details of the same were discussed by Federal Minister for Economic Affairs Makhdoom Khusro Bakhtyar, who held a virtual meeting with Shixin Chen, vice president of the ADB.

According to documents available with the media, the CPS has been designed to tackle the economic and social challenges thrown up by the pandemic and includes addressing the country’s persistent structural challenges.

The ADB’s assistance over the next five years will emphasize on supporting three interlinked pillars i.e. (i) improving economic management; (ii) building resilience; and (iii) boosting competitiveness, and private sector development.

Moreover, the final allocation at the end of the CPS 5-year period will depend on available resources, project readiness, and the outcome of country assessments.

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Posted on: 2020-11-05T12:55:00+05:00