ADB to provide $500m loan to support Pakistan's environmental goals
The ADB also stated that Pakistan’s public debt is expected to decline by seven percentage points to 70% of GDP in fiscal year 2024-2025. photo: REUTERS
The Asian Development Bank (ADB) is set to provide Pakistan with a loan of $500 million to support its environmental and disaster resilience programme, as reported by Express News on Saturday.
During a meeting in Washington, ADB President Masatsugu Asakawa informed Finance Minister Muhammad Aurangzeb about the loan proposal. The ADB's board is expected to review the loan approval on October 29.
The Ministry of Finance expressed gratitude for ADB's support in facilitating policy-based loans and praised the bank's partnership in advancing Pakistan's development agenda.
The finance minister also highlighted the importance of completing the ADB's Country Partnership Framework and commended the successful finalisation of the Capital Adequacy Framework.
Both parties agreed on the necessity of enhancing domestic revenues and regional cooperation. Aurangzeb welcomed the establishment of a new ADB office in Islamabad, marking a significant step in strengthening collaboration.