The Asian Development Bank (ADB) will provide a loan of $772.6 million to Pakistan for five projects.
Secretary of Economic Affairs Kazim Niaz has signed on behalf of Pakistan while DCD Asad Aleem signed on behalf of the Asian Development Bank.
Federal Minister for Economic Affairs Ayaz Sadiq was also present on the occasion of signing the agreement.
Last month the Board of the Asian Infrastructure Investment Bank (AIIB) approved a $500 million loan for Pakistan. In this regard, Federal Finance Minister Ishaq Dar had said that the Asian Development Bank was a partner in this financing. The State Bank of Pakistan (SBP) will receive these funds this month.
The funds approved by Asian Infrastructure Investment were joint financing of the Asian Development Bank and the BRACE Programme for Pakistan.
