ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Saturday formally signed a loan agreement for the Integrated Social Protection Development Program (ISPDP) Additional Financing, amounting to USD 330 million.
“This program builds on the ongoing ADB-funded program for strengthening and expanding social protection systems in Pakistan through the Benazir Income Support Programme (BISP),” a press statement issued by Economic Affairs Division read.
The agreement was signed by Secretary Economic Affairs Dr Kazim Niaz and ADB Country Director Emma Fan.
Speaking on the occasion, Secretary, Ministry of Economic Affairs highlighted the importance of this additional financing from concessional lending for enhancing institutional capacity and improving access to education and healthcare particularly among women, adolescent girls, and children from low-income families.
He expressed gratitude for ADB’s continued support in this regard, according to press release.
On the occasion, the Country Director, ADB reaffirmed the Bank’s commitment to supporting the government’s objectives in strengthening social safety nets.
She stated that this additional financing will support in achieving the program objectives of achieving inclusive growth, poverty reduction skills development and healthcare access for vulnerable populations.
Read More: Pakistan to get another $200mln loan from ADB
According to the statement, the signing of this loan agreement marks a significant step forward in enhancing social protection systems in Pakistan.
Meanwhile, ADB share in its X account that the result-based loan for the ongoing Program will help expand the grassroots-level social protection to alleviate poverty among poor women and their families.
“The program has helped increase access to primary and secondary education for children and adolescents from poor families as well as improved access to health services and nutrition supplies for women and adolescent girls,” said ADB Country Director.
Earlier on December 11, the ADB approved a $200 million loan aimed at upgrading and modernizing Pakistan’s power distribution infrastructure and enhancing the reliability of electricity supply.
According to an ADB press release, the Power Distribution Strengthening Project will focus on upgrading distribution systems to meet the increasing electricity demand in the country.
Key objectives include reducing significant energy losses during transmission and improving the resilience of infrastructure against climate change and disaster-related risks. Initially, the project will benefit three major distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO), promoting more efficient and sustainable energy delivery in these areas.
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