Asian Development Bank will assist Pakistan by lending $10 billion


In addition to the current $700 million available for procuring Covid-19 vaccines under the bank’s APVAX facility, the Asian Development Bank (ADB) plans to provide approximately $10 billion for various development projects in Pakistan. Eugene Zukhov, Director General, Central and West Asia Department of ADB, disclosed the details during a meeting with Omar Ayub Khan, Federal Minister for Economic Affairs in Islamabad on Tuesday.

He applauded the ADB for providing ongoing technical and financial support to the government of Pakistan and acknowledged the $500 million for the acquisition of the Covid vaccine, as well as the commitment of the government to reach the maximum number of people eligible for vaccination. Despite the Covid-19 pandemic, Zukhov reiterated the ADB’s commitment to supporting the government’s reform agenda.

The ADB plans to provide Pakistan with about $10 billion in fresh assistance in the next five years for various development projects, particularly in the areas of urban services, disaster risk reduction, and policy-based programs. Additionally, he informed Pakistan that additional funding of $700 million is available under APVAX for Pakistan to purchase Covid-19 vaccines.

The minister suggested new areas for ADB`s assistance, including support for the provision of basic amenities i.e. energy, roads, and urban services, etc. to the erstwhile FATA region, which has been merged into the province of Khyber Pakhtunkhwa. The minister and director-general agreed to continue discussing ways to further deepen ADB and Pakistan`s development partnership, and ensure the effectiveness of the ongoing portfolio.

The director-general appreciated the government of Pakistan`s support in successfully evacuating ADB personnel working in Afghanistan. The ADB team commended the minister for economic affairs for his proactive approach to enhanced partnership and regular portfolio reviews.

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