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ADB to Provide USD 6 billion to Pakistan Over 3 Years

Asian Development Bank (ADB) Country Director for Pakistan Yong Ye has reportedly proposed a three-year financing programme in Pakistan.

Read: Pakistan Plans to Have 61,000 MWs Electricity Generation Capacity

Under the agreement, the ADB will assist Pakistan with USD 2 billion annually for developing various sectors for three years. Mr. Ye stated that the bank will also build a centralised support mechanism for diverse economic sectors.

The minister emphasized that the administration is focusing on efficiency, productivity, and meritocracy to ensure long-term economic prosperity. He also briefed Ye of the Kamyab Pakistan Programme’s PKR 3.5 billion microfinance programs for youth (KPP).

Read: PDWP Approves Road Development Schemes for Punjab

Mr. Ye also informed the minister of finance that the ADB has granted 500 million USD for the vaccine program, of which 350 million USD have already been allocated.

As proposed by the Economic Advisory Committee, Minister Tarin added that the administration has undertaken improvements in fourteen government sectors (EAC). He claimed that changes in the power sector and efficient collection of fees have bolstered the power industry and are anticipated to bring additional benefits to the whole economy.

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