ISLAMABAD: The Asian Development Bank (ADB) has pledged $2 billion annually in new loans to Pakistan following Islamabad’s request to get half of the amount on concessional terms.
During the negotiation with Pakistani officials, ADB President Masatsugu Asakawa assured to provide $2 billion per annum.
The Manila-based lender will provide $2 billion every year from 2024 till 2027 which is a total four-year package amounts to $8 billion. Out of the $2 billion, the ADB will give around $1 billion at a fixed 2% rate under its concessional window, officials said.
According to the press release issued by the economic affairs ministry, the ADB president assured Pakistan of its continued support in the areas of public-private partnership, climate, and disaster resilience enhancement, domestic resource mobilization, promoting women-inclusive finance and energy sector reforms.
Moreover, the ADB president, during his visit, inaugurated the foundation of the Asian Development Bank’s new resident mission building in Islamabad.
