The ADB says the amount would be spent on the rehabilitation of the damaged structure in Sindh, Balochistan and KP.
ISLAMABAD: (UrduPoint/Pakistan Point News-Dec 12th, 2022) The Asian Development Bank (ADB) on Monday okayed $554 million in financing to support Pakistan for social protection and other areas.
The ADB approved the funds to also promote food security, and support employment for Pakistanis amid devastating floods.
The ADB said that the amount would be spent on the rehabilitation of the damaged structure in Sindh, Balochistan and KP.
The bank further said from the total $554 million, $475 million is loan, $3 million is a technical grant $5 million donation is from Japan for the flood victims.
It may be mentioned here that the Asian Development Bank (ADB) announced providing $ 2.3 to 2.5 billion to Pakistan for flood relief efforts.
On October 26, Asian Development Bank (ADB) transferred $1.5 billion loan to Pakistan, quoting SBP sources, ARY news reported.
ADB signed an agreement with Pakistan to provide $1.5 billion loan for budgetary support and help flood-related rehabilitation and reconstruction.
The loan would build the foreign exchange reserves and rein in the rupee’s depreciation.
