ADB pledges $7bn for development projects in Pak

I0slamabad, Aug 30 (IANS) The Asian Development Bank (ADB) has pledged $7 billion for development projects and policy-based programmes in Pakistan over the next three years.

The development comes after the bank's Vice President Shixin Chen, who is on his first official two-day visit to Pakistan, met Prime Minister Imran Khan on Thursday and "reaffirmed ADB's support for Pakistan's development priorities", according to a press statement issued by the bank on Friday

The meeting was also attended by other ADB and government officials, Dawn newspaper reported.

"ADB plans to provide Pakistan about $7 billion in fresh assistance for various development projects and policy-based programmes during the next three years under its country operations business plan 2020-2022, aimed at developing the country's social protection, urban services, energy security, transport, agriculture and water resources, education, trade, and tourism," the statement quoted Chen as saying.

"This will help spur inclusive and sustainable economic growth," he said.

According to the statement, ADB is also planning to start a five-year Country Partnership Strategy (CPS) from 2020 to 2024. The CPS will be in line with the government's economic development programme as well as ADB's 2030 Strategy.

"The new CPS will define development priorities to support Pakistan's economic transformation programmes. The new strategy will also complement efforts by other development partners," the statement read.

"ADB is committed to support the government's reform agenda to promote inclusive and sustainable economic growth, develop key infrastructure, strengthen regional cooperation, attract investments, and promote industry and the private sector," the ADB Vice President said.