ADB provides maximum funds to Pakistan in 2022: report

ISLAMABAD: The Asian Development Bank in Year 2022 released maximum funds to Pakistan, citing the bank’s annual report ARY News said on Monday.

According to the report, the ADB and the partners allocated US$ 5.5 billions for projects in Pakistan. Moreover, US$ 2.6 billion dollars concessional loans were approved for Pakistan.

The Asian Development Bank overall made 31.8 billion dollars project financing in Asia, the bank’s annual report stated.

Devastating floods inflicted maximum loss to the economy in Pakistan in 2022. These unprecedented floods damaged crops and disbalanced the demand and supply in the country, the report said.

“Destruction of crops also hike prices in local market,” according to the ADB report. “The conflict between Russia and Ukraine caused inflation at the global leve,” the bank’s annual report said.

“Pakistan required the expets on climate change to avoid losses inflicted by the change in weather patterns,” ADB report stated. “The ADB providing services of the experts to the country to avoid hazards of rapid changes in climate”.

“Unprecedented floods in Pakistan claimed 1730 human lives and affected 33 million people across the country,” ADB said in its report. The flood inflicted 30 billion dollars losses to the national economy,” the report stated.

“Around 16 billion dollars were pledged for rehabilitation of the flood hit areas,” ADB said. “US$ 1.5 billion provided to the country for rehabilitation of flood affected areas”.

The bank in its report said that a project on women’s health has been underway in Khyber Pakhtunkhwa province of Pakistan.