AIIB To Give Pakistan $500m For Development Programme


On Wednesday, the Board of Directors of the Asian Infrastructure Investment Bank approved $500 million in co-financing for an Asian Development Bank program in Pakistan.

SBP would most likely be getting the funding from the ADB’s BRACE (Building Resilience through Active Countercyclical Expenditures) program by the end of this month, according to most sources.

The present finance minister, Ishaq Dar also tweeted about this on Wednesday.

Through the funds, the country’s foreign exchange reserves would escalate and the devaluation of the rupee would be controlled.

ADB and Pakistan earlier in october agreed to a $1.5 billion loan for budgetary support with flood-related rehabilitation and reconstruction.

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