AfDB’s $8.7 billion financial aid ‘in prospect’ – Business

The Asian Development Bank (AfDB) has reportedly pledged $8.7 billion for various projects and programs for Pakistan over the next three years, we learned.

AfDB Vice President Shixin Chen concluded a five-day visit to Pakistan during which he met with Prime Minister Imran Khan, key ministers and other senior government officials.

Official sources, who attended these high-level engagements, revealed to company registrar $8.7 billion in financial assistance from the AfDB is planned over the next three years.

This was also shared during recent engagements.

The targeted areas of $8.7 billion would be urban development, roads, energy, social protection, education, health and budget support.

Sources revealed that the government is expecting $400 million from the Bank over the next three months, which would bring the total commitment to $2.5 billion in the current fiscal year.

Chen reiterated AfDB’s commitment to supporting Pakistan’s economic recovery from the coronavirus pandemic and the country’s development agenda.

Chen discussed current and emerging areas of AfDB support in meetings with Finance and Revenue Minister Shaukat Tareen, Economic Affairs Minister Omar Ayub, Energy Minister Hammad Azhar, Special Assistant to the Prime Minister on Climate Change Malik Amin Aslam, Deputy Chairman of the Planning Commission Muhammad Jehanzeb Khan, and Secretary Benazir Income Support Program Ismat Tahira and others.

“The people of Pakistan have shown remarkable resilience in the face of Covid-19 and the country’s rapid momentum towards economic recovery is testimony to this,” Chen said. “As one of Pakistan’s largest development partners, the AfDB has taken swift action to support Pakistan’s immunization and social protection efforts, as well as external financing needs. We will continue to work with government, the private sector and other partners to further develop green, resilient and quality infrastructure; enact reforms and strengthen key sectors vital to the country’s growth.

Chen visited the National Power Control Center in Islamabad where he was briefed on the country’s electric load management system and its expansion plans under an AfDB financing facility.

He visited a basic health unit near Islamabad which has been fitted with solar panels as part of AfDB’s clean energy access program, which has so far provided solar installations to more than 10,700 schools and over 700 basic health units in mostly isolated and off-grid areas.

Chen also visited the Ehsaas One-Window Center in Islamabad for beneficiaries of Pakistan’s flagship social protection program.

Chen also met with Punjab Provincial Finance Minister Makhdum Hashim Jawan Bakht and Planning and Development Council Chairman Mr. Abdullah Khan Sumbal, among other senior officials.

He discussed AfDB’s support in enhancing private sector participation with the President of the Lahore Chamber of Commerce and Industry, Mian Nauman Kabir.

Since 1966, the AfDB has committed more than $36 billion in loans, grants and other forms of financing to promote inclusive economic growth in Pakistan and improve Pakistan’s infrastructure, energy and food security, transport networks and social services. country.

The AfDB-Pakistan Country Partnership Strategy, 2021-2025, focuses on three priorities: improving economic management, building resilience, and boosting competitiveness and private sector development.

AfDB support helps improve macroeconomic management and resilience, as well as infrastructure and urban sector investments that support rural connectivity and urban services.

The bank’s support for public-private partnerships and improved access to finance have boosted competitiveness and private sector development.

Going forward, the AfDB will support an enabling environment for digital transformation through policy improvements and the strengthening of public institutions and relevant infrastructure.

the story was originally published in Business Recorder on March 20, 2022.