AIIB approves $500mn co-financing for Pakistan

MG News | November 09, 2022 at 06:17 PM GMT+05:00

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November 9, 2022 (MLN): The board of Asian Infrastructure Investment Bank (AIIB) has approved $500 million co-financing for Pakistan under Building Resilience with Active Countercyclical Expenditures (BRACE) program funded by Asian Development Bank (ADB), a tweet shared by Finance Minister on Wednesday.

The State Bank of Pakistan (SBP) will receive the funds by November 2022, Finance Minister added.

To recall, the ADB on 4th Nov’22 has approved $100mn for Pakistan to improve the health sector at Khyber Pakhtunkhwa and in Oct’22 released S1.5 billion under its BRACE program to support Pakistan's economy at crucial times.

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