ADB to provide $10 billion to Pakistan for development projects

ISLAMABAD: The Asian Development Bank (ADB) on Wednesday announced to provide a $10 billion loan to Pakistan over the next five years for development projects, ARY News reported.

As per details, Federal Minister for Economic Affairs Khusro Bakhtiar on Wednesday held a virtual meeting with Mr Shixen Chin, Vice President ADB at economic affairs ministry here in Islamabad.

During the meeting, the ADB vice president assured Pakistan of providing every possible assistance. The meeting also discussed business projects for the year 2021-23.

On the occasion, the economic affairs minister said that the federal government was taking several measures for the reforms in the economic sector.

He said that the incumbent government had formed the National Coordination Committee (NCC) for the timely completion of ongoing projects and distribution of funds.

It may be noted that Pakistan and the Asian Development Bank (ADB) on yesterday had signed a USD 2 million grant for the “COVID-19 Emergency Response.”

The grant proceeds, made available from ADB’s Asia Pacific Disaster Respond Fund, will be used to build resilience and capacity of front-line health workers in the fight against the COVID-19 pandemic by providing;

Personal protective and waste management (biosafety) equipment to front-line health workers.
Testing kits and diagnostic reagents.
Air-purifying respirators.
Laboratory and general medical supplies.