Pakistan signs $500mln loan agreement with AIIB at COP27 for climate resilience

The country has signed a loan agreement of $500 million provided by the Asian Infrastructure Investment Bank (AIIB) under the Building Resilience with Active Countercyclical Expenditures Program.

The AIIB Board had approved the program a day earlier whereas the agreement was signed from AIIB side by Konstantin Likitovskiy, Vice President of Investment Operations, a news release here received said.

The signing took place during the UN’s 27th conference of the parties (COP27) meetings in Sharm El-Sheikh in Egypt and was witnessed by Federal Minister for Climate Change Senator Sherry Rehman.