Saturday, July 24, 2021  | 13 Zilhaj, 1442
Samaa TV
Facebook Twitter Youtube
HOME > Money

ADB, Pakistan sign $300m loan agreement

It'll help boost Pakistan's response to coronavirus pandemic

SAMAA | - Posted: Jun 5, 2020 | Last Updated: 1 year ago
Posted: Jun 5, 2020 | Last Updated: 1 year ago

The $300 million loan will help boost Pakistan's response to the coronavius pandemic. Photo: AFP FILE

The Asian Development Bank and the Government of Pakistan signed on Friday an agreement for a $300 million emergency assistance loan. It will help boost Pakistan’s response to the coronavirus pandemic.

Economic Affairs Division Secretary Noor Ahmed and ADB Country Director Xiaohong Yang signed the agreement in Islamabad.

This emergency assistance would also help meet the basic needs of the poor and vulnerable people in the country.

Of these $300 million, the Norwegian government will provide $5.28 million to strengthen the emergency response system in Khyber Pakhtunkhwa province amid the COVID-19 crisis.

The grant, which will be provided through the National Disaster Risk Management Fund, is drawn from the unused resources of the Pakistan Earthquake Fund and will be administered by the ADB.

“The grant will help provide emergency response services, procure necessary equipment and supplies to poor communities in Khyber Pakhtunkhwa’s remote areas,” Ms. Yang said.

“This reflects the enduring partnership and commitment of the Norwegian government and ADB to supporting disaster risk reduction in Pakistan.”

In May, the ADB reallocated $30 million from the National Disaster Risk Management Project to support Pakistan’s pandemic response and the NDRMF Board of Directors allocated an additional $20 million from earned interest from the Endowment Fund capitalized under the project.

FaceBook WhatsApp

Tell us what you think:

Your email address will not be published.

FaceBook WhatsApp


The ‘most expensive’ bull in Karachi
Honda increases motorcycle prices in Pakistan
How much do Karachi butchers earn on Eid?
Bitcoin at a six-month low, should you buy?
Yamaha increases bike prices in Pakistan
Dollar reaches eight-month high in Pakistan
Bitcoin bounces back from six-month low: should you buy?
Dollar rate increases by Rs4.55 in less than a month
About Us   |   Anchor Profiles   |   Online Advertising   |   Contact Us   |   Feedback   |   Apps   |   FAQs   |   Authors   |   Comment Policy
Facebook   |   Twitter   |   Instagram   |   YouTube   |   WhatsApp