Asian Development Bank to provide $2.7bn to Pakistan this year

• It will increase average lending to the country to $2.4 billion a year.
• Earlier, ADB announced $200 million loan for Benazir Income Support Programme.

Asian Development Bank (ADB) announced on Wednesday that it will provide $2.7 billion in approved financing to Pakistan in 2019.

The ADB took to its official Twitter handle and announced that the recently approved Country Operations Business Plan (COBP) 2020-2022 will increase average lending to the country to $2.4 billion a year. The ADB added it was 'a record increase over the $1.4 billion average from 2015 to 2018'.

“ADB to provide $2.7 billion in approved financing to Pakistan in 2019, and recently approved Country Operations Business Plan (COBP) 2020-2022 will increase average lending to $2.4 billion a year - a record increase over the $1.4 billion average from 2015 to 2018." 1/2. pic.twitter.com/4boyydKq7t

— ADBPakistan (@PakistanADB) October 9, 2019

In another tweet, the money lender said, "In addition, ADB will leverage our lending through the mobilization of cofinancing and funding from other sources, including regional concessional resources."

ADB further said that the new COBP will support Pakistan’s development goals and complement efforts by other development partners.

2/ 2 "In addition, ADB will leverage our lending through the mobilization of cofinancing and funding from other sources, including regional concessional resources. The new COBP will support Pakistan’s development goals and complement efforts by other development partners.” pic.twitter.com/J3PPUqZOdd

— ADBPakistan (@PakistanADB) October 9, 2019

On Monday, ADB had approved a $200 million loan as additional financing to support the Benazir Income Support Programme. Earlier in July, the lender had announced to extend up to $10 billion indicative lending to Pakistan for various development projects and programmes during the next five years.