ADB to provide $10bn for development projects

The Asian Development Bank (ADB) will provide about $10 billion in fresh assistance to Pakistan over the next five years to speed up the economic recovery process.

The financial assistance is likely to be given over the next five years under ADB’s new Country Partnership Strategy (CPS-2021-25).

Details in this regard were discussed by Federal Minister for Economic Affairs Makhdoom Khusro Bakhtyar and ADB Vice President Shixin Chen during a virtual meeting wherein Secretary Economic Affairs Division Noor Ahmad and ADB’s Country Director were also present.

The meeting discussed key priorities of the Country Partnership Strategy (CPS 2021-2025) expected to be approved by ADB’s board of directors in January as well as the County Operations Business Plan (COBP 2021-2023) and ADB’s ongoing support for Pakistan’s reforms programme.

According to documents available with the media, the CPS has been designed to tackle the economic and social challenges thrown up by the pandemic and includes addressing the country’s persistent structural challenges.

The ADB’s assistance over the next five years will emphasize on supporting three interlinked pillars i.e. (i) improving economic management; (ii) building resilience; and (iii) boosting competitiveness, and private sector development.

Moreover, the final allocation at the end of the CPS 5-year period will depend on available resources, project readiness, and the outcome of country assessments.

 

Monitoring Desk
Monitoring Desk
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