ADB likely to provide $ 2.5 billion to Pakistan: Dar

ADB likely to provide $ 2.5 billion to Pakistan: Dar

Yokohama (Web Desk): Pakistan is likely to get financial allocation of $ 2.5 billion from Asian Development Bank (ADB) as infrastructural financing which would help country’s economy to bring 7 per cent growth rate by 2019.

During an interview on Thursday, Finance Minister Muhammad Ishaq Dar said that he had a meeting with the ADB President Takehiko Nakao and the bank was requested to consider the financial allocation of $ 2.5 billion, under infrastructural financing in view of the surging requirements of that sector.

Ishaq Dar described his meeting with the ADB president, held on the sideline of ADB Board’s 50th Annual Meeting as “very productive and useful.

Ishaq Dar took the stance that ADB had already established in principle for enhancing its annual financial allocation for Pakistan to $ 2 billion.

Earlier in 2016, ADB was in fact requested during its meeting held in Frankfurt in that regard, which also led to merging of two major financing lines as part of its plan for 2017-19.

In response to a question, Dar elucidated that Pakistan had a long-term basis plans and activities regarding financing for economic development with the ADB. Further he explained that in the energy sector and state-owned enterprises reforms, the bank always extended substantial cooperation as a part of its lending policy.

Discussing about the Pakistan’s long partnership with the ADB, Ishaq Dar said that last year also the bank extended financial support to Pakistan valuing $ 1.2 billion for infrastructure project.

Moreover, the bank had made commitments of $ 1.2 billion for National Disaster Risk Management Fund, out of which $ 200 million had been released by the bank.

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