Pakistan, ADB choose to implement $6bln loan program

Pakistan and Asian Development Bank on Friday contracted in principle to kick-start implementation of three-year country partnership strategy program with loan portfolio of $6 billion for several economic sectors.

“The CPS for Pakistan from 2019-20 to 2021-22 will provide lending for energy, trade, competitiveness and other sectors during next three years period,” a senior official said.

Pakistan supported a concept of combining sovereign and private lending under the umbrella of the ADB, the official said, citing a meeting between an ADB’s delegation and Minister for Finance Asad Umar. The delegation includes Executive Director Shahid Mahmood, Director General Werner Liepach, Director General Michael Barrow and Country Director Xiaohong Yang.

Umar stated the government is eager to devise impressive financing model, develop capital markets and mobilise private sector investment in infrastructure and social sector.

Finance Minister informed the MD IFIC Pakistan needs significant economic engagement with Iran and guaranteed him of Pakistan’s support to facilitate bilateral trade.

Umar said there was outstanding potential of improving economic cooperation and both countries need to capitalise on the existing possibilities in the area of bilateral trade.

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