Daily Times

The Pakistani government has signed a loan agreement with the Asian Development Bank (ADB) for the Integrated Social Protection Development Program (ISPDP) additional financing amounting to $330 million, the government said on Saturday.

The ISPDP builds on the ongoing ADB-funded program for strengthening and expanding social protection systems in Pakistan through the Benazir Income Support Programme (BISP), according to the Pakistani government’s Press Information Department (PID).

In Pakistan, the federal government disburses billions of rupees annually to the underprivileged and vulnerable people through the BISP. The agreement was signed by Secretary Economic Affairs Dr. Kazim Niaz and ADB Country Director Emma Fan from respective sides.

“In his remarks, the Secretary, Ministry of Economic Affairs highlighted the importance of this additional financing from concessional lending for enhancing institutional capacity and improving access to education and health care, particularly among women, adolescent girls, and children from low-income families,” the PID said in a statement.

Pakistan’s Economic Affairs Secretary Dr. Kazim Niaz (second left) and Asian Development Bank Country Director Emma Fan (second right) are signing a loan agreement for the Integrated Social Protection Development Program (ISPDP) in Islamabad, Pakistan, on December 14, 2024. (PID)

The ADB country director reaffirmed the bank’s commitment to supporting Pakistan’s objectives in strengthening social safety nets.

“This additional financing will support in achieving the program objectives of achieving inclusive growth, poverty reduction skills development and health care access for vulnerable populations,” Fan was quoted as saying.

The regional development bank has committed over $52 billion to Pakistan, one of its founding members, since 1966 in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in the country.

Last month, Pakistan and the Asian Development Bank (ADB) signed a $500 million loan agreement under the ‘Climate and Disaster Resilience Enhancement Program,’ according to Pakistani state media.

The program is aimed at strengthening Pakistan’s capacity for climate change adaptation and disaster risk management and will address the country’s vulnerabilities to natural disasters and climate impacts.