| Islamabad: The Asian Development Bank (ADB) has announced a significant financial commitment to Pakistan, pledging USD 2 billion in annual loans starting from 2024, as reported on September 18.
Read: ADB funds USD 320m project to improve KP’s rural road connectivity
As per details, this support will amount to USD 8 billion over four years, with USD 1 billion each year offered at a concessional rate of 2 percent. ADB President Masatsugu Asakawa, during his visit to Islamabad, confirmed the pledge and highlighted key areas of collaboration, including public-private partnerships, energy sector reforms, and climate resilience. As part of the visit, Asakawa also inaugurated ADB’s new permanent mission in Islamabad.
Read: ADB advocates for real estate tax reforms
In a notable development, ADB and Pakistan’s Prime Minister Shehbaz Sharif witnessed the signing of USD 720 million in loans dedicated to flood recovery efforts in Sindh and Khyber Pakhtunkhwa. Sharif used the occasion to underscore the ongoing reforms in energy and tax revenue sectors aimed at stabilising Pakistan’s economy. |
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