ADB approves $10 billion loan for Pakistan

ADB approves USD 10 billion loan for Pakistan
Islamabad: Asian Development Bank (ADB) on Monday approved USD 10 billion loan for Pakistan, GNN reported.

The loan will be issued in installments spanning over 5 years. The loan will be issued for numbers of projects, stated the ADB’s press release.

In the ongoing fiscal year 2019-20, ADB will issue $2.1 billion in terms of loan to Pakistan.

The press release adds that ADB is crafting new country partnership with the incumbent government of Pakistan. The press release reads that five-year country partnership programme will continue till 2024.

The aim of the loan is to introduce stability in Pakistan’s economy and state-institutions. Pakistan will receive the first installment of USD 1 billion in few hours.