The Asian Development Bank (ADB) will provide $2.5 billion in approved financing to Pakistan in 2019, while recently approved Country Operations Business Plan (COBP) 2020-22 will increase average lending to $2.4 billion a year - a record increase over the $1.4 billion average from 2015 to 2018. Taking to Twitter Wednesday, the Bank stated, "The ADB will provide $2.5 billion in approved financing to Pakistan in 2019, and recently approved Country Operations Business Plan (COBP) 2020-22 will increase average lending to $2.4 billion a year - a record increase over the $1.4 billion average from 2015 to 2018."
"In addition, the ADB will leverage lending through the mobilization of co-financing 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."
The ADB has updated its website and according to which the COBP 2020-22 for Pakistan, is aligned with the ADB's country partnership strategy for Pakistan, 2015- 2019, which supports the government of Pakistan's objective of sustained and inclusive economic growth. The government has requested urgent ADB assistance under the special policy-based lending (SPBL) modality amounting to $1 billion and additional financing of $200 million for the Benazir Income Support Program, which are to be processed in 2019, maintained the updated report.
The bank has stated that the COBP for Pakistan, 2020-2022 of the ADB is aligned with ADB's country partnership strategy for Pakistan 2015-19, which supports the government of Pakistan's objective of sustained and inclusive economic growth. The COBP is also consistent with the priorities set out in ADB's Strategy 2030, and is aligned with the government's development agenda and the economic and social development plans of provincial governments. The COBP comprises project loans; policy-based lending for structural reforms; multi-tranche financing facilities (MFFs) for energy, transport, water and other urban infrastructure and services; and results-based lending for energy and social services.
Copyright Business Recorder, 2019
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