Pakistan inks financing agreements worth $1,500 million with WB, ADB

(Karachi) Pakistan inked financing agreements worth 1,500 million dollars with three international financial institutions, the World Bank, Asian Development Bank and Asian Infrastructure Development Bank, media reported on Friday.

Prime Minister Imran Khan witnessed the signing ceremony while Ministry of Economic Affairs Secretary Noor Ahmed signed the three loan agreements on behalf of the Government of Pakistan.

WB Country Director Patchamuthu Illangovan and ADB Country Director Xiaohong Yang signed agreements on behalf of their respective banks.

The funds will be disbursed to Pakistan in the next few days. The funds will be used for Coronavirus Active Response and Expenditure Support Program with the objective to support the government of Pakistan’s efforts to strengthen the health system and mitigate socioeconomic impacts of the COVID-19 pandemic.

The amount will also be utilized to strengthen the Civil Registration & Vital Statistics, health and education systems essential for Human Capital (HC) accumulation, recognize and support the contribution of women to economic productivity and improve the efficiency of the national safety nets.