Islamabad, Sep 17: The Asian Development Bank (ADB) has pledged $2 billion in annual loans to Pakistan, beginning in 2024, with half of the amount on concessional terms.
Asian Development Bank (ADB) President Masatsugu Asakawa, during his visit to Islamabad, assured Pakistani officials of $8 billion in financial support over the next four years.
This package will include $2 billion annually, with half of the amount, $1 billion, offered at a concessional interest rate of 2 percent.
In addition to providing financial support, ADB President Masatsugu Asakawa stressed the importance of increased collaboration on public-private partnerships, energy sector reforms, and climate resilience. He also inaugurated ADB’s new permanent mission in Islamabad.
During his visit, Asakawa met with Prime Minister Shehbaz Sharif, who outlined ongoing reforms in the energy and tax revenue sectors designed to stabilize the economy.
The two leaders also oversaw the signing of $720 million in loans allocated for flood-related reconstruction projects in Sindh and Khyber Pakhtunkhwa.
