ISLAMABAD: Pakistan and Asian Development Bank (ADB) on Friday agreed tokick off loan portfolio of $6 billion for various economic sectors.
“The CPS for Pakistan from 2019-20 to 2021-22 will provide lending forenergy, trade, competitiveness and other sectors during next three yearsperiod,” a senior official said.
The upcoming CPS will kick in from the next fiscal year. The ADB plans toprovide $2 billion lending to Pakistan every year for the next three yearsunder the program.
Pakistan supported an idea of combining sovereign and private lending underthe umbrella of the ADB, the official said, citing a meeting between anADB’s delegation and Minister for Finance Asad Umar. The delegationcomprised of Executive Director Shahid Mahmood, Director General (Centraland West Asia Department) Werner Liepach, Director General (Private SectorOperations) Michael Barrow and Country Director Xiaohong Yang.
Umar said the government is keen to devise innovative financing model,develop capital markets and mobilise private sector investment ininfrastructure and social sector.
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“These initiatives will not only provide fiscal space to the government butwill also be helpful to boost economic activities in the country,” he wasquoted as saying in a ministry’s statement.
Finance minister acknowledged the ADB’s support for development of Pakistanand discussed the priorities areas and new avenues for futureinterventions.
He appreciated the proactive approach of Pakistan Resident Mission (PRM)and suggested to further enhance the role and capacity of PRM.
