The Asian Development Bank signed a $1.2 billion loan agreement with Pakistan, the ADB officials confirmed on Wednesday.
The agreement, which was signed last Friday (December 15), comprises funding for budget financing and projects focused on domestic resource mobilisation, while a total of six projects will work towards making women financially independent.
At least one-third of the funds will be disbursed as budget financing and make way for jammed financing pipelines following a deal with the International Monetary Fund (IMF).
The Economic Affairs Division (EAD) and ADB signed the loan agreements last Friday. An EAD official also confirmed the agreement and highlighted that ADB will allocate $400 million from the total fund for budget support via two different agreements.
