ISLAMABAD : The Asian Development Bank (ADB) on Monday allocated $300 million specifically for Benazir Income Support Programme (BISP) under its country operations business plan for Pakistan for the next three years from 2019-2021, says a handout issued by BISP.
ADB Director General Werner Liepach for Central and West Asia Department (CWRD) and BISP secretary had a high level meeting here at BISP headquarters and was attended by the country representatives of ADB and Director Generals from the BISP.
Liepach said that ADB is committed to continuing its support to the deprived segments of society in Pakistan through the platform of BISP.
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He said that this funding would 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, he added.
The director general further said 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.
Liepach also assured that the portfolio review of the ADB financed projects of BISP would be accelerated to enable preparation for the upcoming projects.
He said 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”.
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ADB appreciates this approach and is strongly committed for future mutual cooperation keeping in view the GOP priorities by offering concessional funding, Liepach added.
BISP Secretary Omar Hamid Khan welcomed the support and said 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 organisations.
Reciprocating Liepach’s commitment for support, the secretary assured full cooperation in timely and efficient execution of all future programs and initiatives.