ADB approves $250m loan for sustainable investment in Pakistan

ISLAMABAD: The Asian Development Bank (ADB) has signed an agreement for $250 million policy-based loan to assist Pakistan's sustainable investments in infrastructure and services through public-private partnerships, the ADB said in a statement.

The ADB's country director for Pakistan, Ye Yong, and Secretary of the Economic Affairs Division (EAD) of Pakistan, Kazim Niaz, signed the agreement on Friday, according to a statement on the ADB's official X handle.

In a statement released to the media, the EAD said the programme's core objective is to strengthen the governance framework and enable an environment for public-private partnerships at the federal government level.

The mission will be achieved by strengthening the policy, legal, and institutional frameworks for public investment management and public financial management, the statement said.

Speaking at the signing ceremony, Niaz said the programme would go a long way to achieve the target of involvement of private sector in the development process, the EAD added.

By RSS/Xinhua