Asian Development Bank approves $250-million loan to Pakistan for sustainable investment

ISLAMABAD: The Asian Development Bank (ADB) has signed an agreement for a 250 million US dollar policy-based loan to assist Pakistan’s sustainable investments in infrastructure and services through public-private partnerships.

The bank’s country director for Pakistan, Ye Yong, and Secretary of the Economic Affairs Division (EAD) of Pakistan, Kazim Niaz, signed the agreement here on Friday, according to a statement on the ADB’s official X handle.

In a statement released to the media, the EAD said the program’s core objective is to strengthen the governance framework and enable an environment for public-private partnerships at the federal government level, reports Xinhua news agency. The mission will be achieved by strengthening the policy, legal, and institutional frameworks for public investment management and public financial management, the statement said.

Speaking at the signing ceremony, Niaz said the program would go a long way to achieve the target of involvement of the private sector in the development process, the EAD added. (IANS)

Also read: Asian Development Bank approves USD 148.5 million loan for Sikkim to boost power supply (sentinelassam.com)

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