KARACHI (WS News) – The State Bank of Pakistan (SBP) has received a $500 million loan from the Asian Development Bank (ADB).
According to the SBP, the funds are aimed at addressing the impact of climate change.
The inflow is expected to bolster Pakistan’s foreign exchange reserves by the end of the week.
Pakistan had signed the $500 million loan agreement with the ADB under the Climate and Disaster Resilience Enhancement Programme.
The programme aims to bolster Pakistan’s institutional framework for planning, preparations, and response to climate change and disasters while promoting inclusive investment.
Additionally the ADB has granted Pakistan $1 million to assist with the programme’s implementation.
The agreement was signed by ADB Country Director Emma Fan and Pakistan’s Secretary of Economic Affairs Kazim Niaz.
