WORLD

ADB APPROVES US$250 MLN LOAN FOR SUSTAINABLE INVESTMENT IN PAKISTAN

22/06/2024 04:34 PM

ISLAMABAD, June 22 (Bernama-Xinhua) -- The Asian Development Bank (ADB) has signed an agreement for a US$250 million policy-based loan to assist Pakistan's sustainable investments in infrastructure and services through public-private partnerships, the ADB said in a statement, reported Xinhua.

The bank's country director for Pakistan Ye Yong and Secretary of the Economic Affairs Division (EAD) of Pakistan Kazim Niaz signed the agreement here on Friday, according to a statement on the ADB's official X handle.

In a statement released to the media, the EAD said the programme's core objective is to strengthen the governance framework and enable an environment for public-private partnerships at the federal government level.

The mission will be achieved by strengthening the policy, legal, and institutional frameworks for public investment management and public financial management, the statement said.

Speaking at the signing ceremony, Niaz said the programme would go a long way to achieve the target of involvement of the private sector in the development process, the EAD added.

-- BERNAMA-XINHUA


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