ADB okays $554m loan for Pakistan for flood-relief support

ADB okays $554m loan for Pakistan for flood-relief support

The Asian Development Bank (ADB) approved $554 million in financing to help Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods.

According to the ADB, the amount will be spent on rehabilitating the damaged structure in Sindh, Balochistan, and Khyber Pakhtunkhwa (KP).

The bank further said from a total of $554 million, $475 million in loans, $3 million is a technical grant, and a $5 million donation is from Japan for the flood victims.

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It may be noted that the Asian Development Bank (ADB) announced providing $ 2.3 to 2.5 billion to Pakistan for flood relief efforts.

On October 26, ADB transferred a $1.5 billion loan to Pakistan, SBP sources said.

ADB also signed an agreement with Pakistan to provide a $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.

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