Pakistan, ADB seal $330m loan for social protection programme

The Government of Pakistan has inked a loan agreement with the Asian Development Bank (ADB) for the Integrated Social Protection Development Programme (ISPDP) Additional Financing, amounting to $330 million, reported 24NewsHD TV channel on Saturday.

This programme builds on the ongoing ADB-funded programme for strengthening and expanding social protection systems in Pakistan through the Benazir Income Support Programme (BISP).

The agreement was signed by Secretary Economic Affairs Dr. Kazim Niaz and ADB Country Director Emma Fan from respective sides.

In his remarks, ministry’s secretary highlighted the importance of this additional financing from concessional lending for enhancing institutional capacity and improving access to education and healthcare, particularly among women, adolescent girls, and children from low-income families.

He expressed gratitude for ADB’s continued support in this regard.

The Country Director, ADB reaffirmed the Bank’s commitment to supporting the Government of Pakistan’s objectives in strengthening social safety nets.

She stated that this additional financing will support in achieving the program objectives of achieving inclusive growth, poverty reduction skills development and healthcare access for vulnerable populations.

The signing of this loan agreement marks a significant step forward in enhancing social protection systems in Pakistan.

Reporter Waqas Azeem