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ADB, Pakistan sign $300m loan agreement

SAMAA | - Posted: Jun 5, 2020 | Last Updated: 1 month ago
Posted: Jun 5, 2020 | Last Updated: 1 month ago
ADB, Pakistan sign $300m loan agreement

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.

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