Tue, 23 Apr 2024
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ADB approved $659 Million financing to Support Pakistan’s Sustainable Development

07 December, 2023 17:16

The Asian Development Bank (ADB) has approved this week three projects totaling $658.8 million to help Pakistan achieve its goal of more inclusive and sustainable growth and development.

$300 million for improving domestic resource mobilisation

The $300 million policy-based loan will support the initiative’s first subprogram, which focuses on laying the foundation for reforms to policies, laws, and institutional capacity that will improve domestic resource mobilization and utilization.

The program is helping to transform tax administration, public expenditure management, and other institutional structures to strengthen resource mobilization including non-debt resources such as  private investment and savings.

$275 million for rehabilitating schools damaged by the devastating August 2022 floods

The ongoing Sindh Secondary Education Improvement Project will receive additional financing—a $275 million emergency assistance loan that is part of ADB’s $1.5 billion pledge of support for Pakistan’s recovery from the devastating 2022 floods. The additional financing will help reconstruct up to 1,600 flood-damaged schools using disaster- and climate-resilient and gender-responsive designs.

$800,000 technical assistance grant

An $800,000 technical assistance grant will be provided to help plan and monitor the status of reconstruction in all flood-damaged schools and provide implementation support, including for introducing inclusive design features.

$80 million for enhancing agricultural productivity

A concessional loan of $80 million for the Khyber Pakhtunkhwa Food Security Support Project, which is also part of ADB’s $1.5 billion pledge of support for Pakistan’s recovery from the 2022 floods, will help address climate vulnerabilities, enhance food security, and boost the livelihoods of rural farm households in the most flood-damaged districts in the province.

A $3 million grant

A $3 million grant for the project from the Japan Fund for Prosperous and Resilient Asia and the Pacific that will finance activities for women farmers related to seed cleaning and the safer handling of agrochemicals.

Since 1966, ADB has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure, energy and food security, transport networks, and social services.

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