December 14, 2024 (MLN): Pakistan has signed a $330 million loan agreement in additional financing from the Asian Development Bank (ADB) to enhance the Integrated Social Protection Development Program (ISPDP).
This program builds on the ongoing ADB-funded program for strengthening and expanding social protection systems in Pakistan through the Benazir Income Support Programme (BISP), as per the press release issued today.
This initiative will improve access to education and healthcare, particularly for women, adolescent girls, and children from low-income families, said the Secretary of the Ministry of Economic Affairs, Dr. Kazim Niaz.
He further noted the importance of this additional financing from concessional lending for enhancing institutional capacity. He also expressed gratitude for ADB's continued support in this regard.
The agreement was signed by Dr. Kazim Niaz and ADB Country Director Emma Fan from respective sides.
The Country Director, ADB reaffirmed the Bank's commitment to supporting Pakistan's objectives in strengthening social safety nets.
She stated that this additional financing will support achieving the program objectives of achieving inclusive growth, poverty reduction skills development, and healthcare access for vulnerable populations.
The signing of this loan agreement marks a significant step forward in enhancing social protection systems in Pakistan.
