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ADB to provide Pakistan $15m loan at a discounted rate

SAMAA | - Posted: Apr 28, 2020 | Last Updated: 2 months ago
SAMAA |
Posted: Apr 28, 2020 | Last Updated: 2 months ago
ADB to provide Pakistan $15m loan at a discounted rate

Photo: FILE

The Asian Development Bank will provide $15 million loan to Pakistan at a discounted rate, the Economic Affairs Division said Tuesday.

The amount will be spent on rural development projects in Punjab, according to an agreement signed between the government and the ADB.

These projects will be initiated in Bahawalpur, Dera Ghazi Khan, Multan, Muzaffargarh, Rahim Yar Khan, Rawalpindi and Sargodha.

Last week, the ADB said it would provide $1.7 billion to Pakistan to help the country deal with the coronavirus pandemic.

ADB officials assured of providing the amount at a virtual meeting with Economic Affairs Minister Khusro Bakhtiar on Friday.

The regional financial institution would provide $800 million budgetary support by June 2020, according to the Economic Affairs Division.

The remaining $900 million would be given by December 2020. The ADB would provide this amount on concessional terms.

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