Islamabad, Dec 14: A USD 330 million loan deal for the Integrated Social Protection Development Program (ISPDP) Additional Financing was inked by Pakistan and the Asian Development Bank (ADB).
This program builds on the ongoing ADB-funded initiative to enhance and extend social protection services in Pakistan through the Benazir Income Support Programme (BISP), according to a news statement released by the Economic Affairs Division here on Saturday.
According to the release, ADB Country Director Emma Fan and Secretary of Economic Affairs Dr. Kazim Niaz signed the deal. The Secretary of the Ministry of Economic Affairs, who spoke at the event, emphasized the significance of this additional funding from concessional lending for strengthening institutional capacity and expanding access to healthcare and education, especially for women, adolescent girls, and children from low-income households.
According to a news release, he conveyed his appreciation for ADB’s ongoing assistance in this area. ADB’s Country Director used the opportunity to reiterate the Bank’s dedication to helping the government achieve its goals of bolstering social safety nets.
The program’s goals of inclusive growth, poverty reduction, skill development, and healthcare access for vulnerable populations would be aided by this additional funding, she said. The statement claims that the loan agreement’s signing represents a major advancement in Pakistan’s social protection frameworks.
In the meantime, ADB stated in its X account that the result-based loan for the current program will contribute to the expansion of social protection at the grassroots level, which will assist reduce poverty among low-income women and their families.
The ADB Country Director stated, “The program has improved access to health services and nutrition supplies for women and adolescent girls, as well as increased access to primary and secondary education for children and adolescents from low-income families.”
