KARACHI: The Asian Development Bank (ADB) on Wednesday announced that it will provide $2.7 billion in approved financing to Pakistan during the outgoing calendar year.
Taking to the social networking website Twitter, the international development finance institution also announced that under the recently approved Country Operations Business Plan (COBP) 2020-2022, it will increase average lending to the country to $2.4 billion a year – showing a whopping increase from the $1.4 billion on average from 2015 to 2018.
According to the ADB, it will leverage the country’s lending through the mobilisation of co-financing and funding from other sources, including regional concessional resources.
“The new COBP will support Pakistan’s development goals and complement efforts by other development partners,” it added.
Earlier on October 7, the Manila-based lending agency had approved additional funds of $200 million to the Benazir Income Support Programme (BISP).
The funding was provided to help support the government’s flagship social protection programme, which supports more than 5 million eligible families across the country through over $3.6 billion in total cash transfers disbursed so far.