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Asian Development Bank to support Pakistan with $1.5 next year

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The Asian Development Bank will give 1.5 billion dollars to Pakistan under Public-Private Partnership in the next five years.

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The country director of the Bank, Werner Leipach, stated during a meeting with Finance Minister Mohammad Ishaq Dar in Islamabad and apprised Ishaq that ADB’s total co-financing for Pakistan accumulated approximately 1050 million dollars.

He said that ADB has also given trade finance backing to the country for the private sector investments to the tune of 95 million dollars. On the other hand, the finance minister appreciated the role of Asian Development Bank for putting shoulders to the development projects in Pakistan.

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Ishaq said that the government is concentrating on development and providing employment to generation and the financial support given be the ADB and other multinational organizations would support in acquiring these goals.

Meanwhile, Asian Development Bank (ADB) is a regional development bank aims at promoting social and economic development in the continent. The ADB was designed closely on the World Bank and features similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.

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