Asian Development Bank to provide $2.7bn to Pakistan in 2019

The bank will increase average lending to the country to $2.4 billion a year from $1.4bn. — AFP/File

The Asian Development Bank (ADB) on Wednesday announced that the regional bank will provide $2.7 billion in approved financing to Pakistan during the outgoing calendar year.

The ABD, through a tweet, also announced that under the recently approved Country Operations Business Plan (COBP) 2020-2022, it will increase average lending to the country to $2.4bn a year — showing a whopping increase from the $1.4bn on average from 2015 to 2018.

According to the ADB, it will leverage the country’s lending through the mobilisation 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,” it added.

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