ADB approves additional $200mn for social protection projects in Pakistan

ISLAMABAD: Asian Development Bank (ADB) has approved additional $200 million grant for social protection development projects in Pakistan, ARY News reported on Friday.

Sources said that ADB approved $200 million loan as additional financing to support the government of Pakistan’s flagship social protection program, Benazir Income Support Programme (BISP), which supports more than 5 million eligible families across the country.

Talking to journalist in Islamabad, Federal Minister for Economic Affiars Hammad Azhar commended ADB for approving the additional loan and added that the grant will help reduce poverty in country.

Read More: ADB to provide $2.7 billion in approved financing to Pakistan in 2019

Earlier on October 9, taking to the social networking website Twitter, the international development finance institution, Asian development bank (ADB) had announced the provision of $2.7 billion in approved financing to Pakistan in 2019.

Foreign investors’ confidence over the economy of the country was restored to a large extent after approval of a bailout package by the International Monetary Fund (IMF) for Pakistan, a previous ADB report had read.