Rebuilding schools wrecked by August 2022 floods and increasing agricultural output to enhance food security in Pakistan are only two of the development projects for which the Asian Development Bank (ADB) announced on Wednesday that it will invest $659 million in support.
Since joining the Asian Development Bank as one of its founding members, Pakistan has benefited from over $52 billion in grants, loans, and other forms of support from the public and private sectors to promote equitable economic growth and improve transport, social services, energy security, and infrastructure.
Following the recent financial challenges faced by the nation, the current administration is seeking foreign direct investment across several industries in an attempt to stimulate the economy.
“This significant new wave of financing will help Pakistan recover from last year’s super-floods and cost-of-living crises and return to sustainable and inclusive development,” said ADB Director General for Central and West Asia Yevgeniy Zhukov.
“This comprehensive strategy is a component of ADB’s strategic involvement in Pakistan and systematically applies our programme lending and project investments to strengthen assistance for Pakistan’s endeavours to ameliorate its economic circumstances and elevate the standard of living for its citizens,” he said.
As per the ADB, Pakistan aspires to attain equitable, extensive, and sustainable economic growth through the funds allocated to the Improved Resource Mobilisation and Utilisation Reform Programme.
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The $300 million policy-based loan will support the initiative’s first subprogram, which creates the framework for institutional, statutory, and policy changes to increase domestic resource mobilisation and use, according to the statement. Through changes to taxation, government expenditure, and other institutional frameworks, the strategy seeks to mobilise non-debt resources such as savings and private investment.
The Asian Development Bank (ADB) gave Pakistan $1.5 billion to help them recover from the 2022 floods. This includes $275 million in emergency financing for the Sindh Secondary Education Improvement Project.
It read: “The additional funding will help reconstruct up to 1,600 flood-damaged schools using gender-responsive, disaster- and climate-resilient designs.” “This will increase inclusivity and resilience in Pakistan’s educational system, aiding in the recovery of learning and earnings losses, particularly for girls in Sindh’s most vulnerable and impoverished districts.”
As part of ADB’s $1.5 billion pledge to help Pakistan recover from the 2022 floods, the organisation provided an $80 million concessional loan for the Khyber Pakhtunkhwa Food Security Support Project. The project’s goals are to address climate vulnerabilities, improve food security, and enhance the livelihoods of rural farm households in the province’s most affected districts.
It read, “The project will improve household nutrition and women’s empowerment, as well as provide smallholder farmers, including women, with essential agriculture inputs and training.” “It will increase digital availability and accessibility, particularly for market prospects and weather information.”
Some general FAQs about ADB
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Woochong Um. Woochong Um is the Managing Director General of ADB.
The Asian Development Bank (ADB) has appointed Shanny Campbell as its new Country Director for Tajikistan.
Takeshi Watanabe, the first president of ADB, was a guy who embodied idealism and pragmatism, as well as severity and compassion.
The Asian Development Bank (ADB) has appointed Yingming Yang as Vice President (South, Central, and West Asia) for a three-year period. He will be in charge of supervising the administration of the ADB activities for the departments of Central, West, and South Asia.
Pakistan was among the first members of the Asian Development Bank (ADB) in 1966.
Of the 68 Asian Development Bank members in 2023, 49 were in Asia-Pacific and 19 were not. The US and Japan dominate the Asian Development Bank. Indians founded the Asian Development Bank.
The Asia Development Bank was co-founded by Pakistan. Through investments in essential sectors and services, ADB has helped the Philippines reduce poverty and create resilience and prosperity. Changing Pakistani economic and development goals affect ADB activities.
The ADB’s stockholders include 49 Asia-Pacific developed and developing nations and 19 non-regional nations. All ADB rights belong to the Board of Governors, which includes all shareholders.
The bank is headquartered at 6 ADB Avenue in Mandaluyong, Manila. The bank has 42 field offices in Asia and the Pacific, including representative offices in Sydney, Frankfurt, Tokyo, Washington, and Frankfurt.
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