ADB okays $554m loan flood assistance package for Pakistan.
ISLAMABAD, December 12, 2022: The Asian Development Bank (ADB) on Monday approved $554 million in financing to support Pakistan for social protection and other areas; says the amount would be spent on the rehabilitation of the damaged structure in Sindh, Balochistan and Kyber-Pakhtunkha.
The ADB approved the funds to also promote food security, and support employment for Pakistanis amid devastating floods.
The bank stated 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 is pertinent to mention here that the Asian Development Bank (ADB) announced providing $ 2.3 to 2.5 billion to Pakistan for flood relief efforts.
ADB inked 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.
