ISLAMABAD: The Asian Development Bank (ADB) has approved a $758 million loan for Pakistan to be spent on sustainable development. The funds will be allocated to three distinct projects with the aim of fostering sustainable economic development.
The ADB outlined that the loan will be utilized for bolstering local resources and the restoration of schools damaged by floods. Additionally, the funds will be channeled towards enhancing agricultural production to ensure food security and aiding Pakistan in recovering from the recent severe flood crisis.
The ADB emphasized its commitment to improving Pakistan’s economic situation and enhancing the overall quality of life for its citizens. Out of the total loan, $300 million will be dedicated to policy reforms geared towards augmenting local resources. The ADB further clarified that the program’s objectives include enhancing tax administration, improving expenditure management, and promoting investment.
