Washington – The Asian Development Bank (ADB) has agreed to provide a $500 million loan to Pakistan for programs focused on environmental protection and disaster resilience. ADB President Masatsugu Asakawa met with Pakistan’s Finance Minister, Mohammad Aurangzeb, in Washington, where they discussed the loan and further collaboration.
According to Pakistan’s Ministry of Finance, the ADB Board is set to review and potentially approve the loan on October 29. Finance Minister Aurangzeb expressed gratitude for ADB’s support in approving this policy-based loan and praised ADB’s partnership in backing Pakistan’s development agenda.
The Finance Minister also appreciated the timely completion of ADB’s Country Partnership Framework and commended the successful implementation of the Capital Adequacy Framework. Additionally, he acknowledged ADB’s decision to provide a surcharge exemption to Pakistan for the next three years.
Both parties agreed on the importance of increasing national revenue and enhancing regional cooperation. The Finance Minister also welcomed the establishment of ADB’s new office in Islamabad, marking an expansion of ADB’s support and engagement in Pakistan.
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