WB, ADB, AIIB to provide $1.5b to Pakistan to mitigate impacts of coronavirus
ISLAMABAD: The World Bank (WB), Asian Development Bank (ADB) and the Asian Infrastructure Investment Bank (AIIB) will provide financing worth 1.5 billion dollars to Pakistan to strengthen health system and mitigate socioeconomic impacts of the Covid-19 pandemic.
Prime Minister Imran Khan witnessed the signing ceremony held in Islamabad.
The ADB will provide 500 million dollars for Covid-19 Active Response and Expenditure Support Program (CARES). The programme is aimed at supporting Pakistan’s efforts to strengthen the health system in the wake of Covid-19 pandemic.
The AIIB is extending co-financing of 500 million dollars for CARES to augment government’s efforts to mitigate the direct and indirect impacts of Covid-19 pandemic.
An other amount of 500 million dollars will be provided under Securing Human Investments to Foster Transformation (SHIFT). It aims to strengthen the civil registration and vital statistics, health and education systems essential for human capital accumulation to recognize and support women’s contribution to economic productivity and improve efficiency of the national safety nets.
The disbursement of 1.5 billion dollars will be disbursed to Pakistan in next few days.
Secretary Economic Affairs Noor Ahmed signed the three loan agreements on behalf of Government of Pakistan while Country Director World Bank Patchamuthu Illangovan, Country Director ADB Ms. Xiaohong Yang signed agreements on behalf of the World Bank, Asian Development Bank and Asian Infrastructure Investment Bank.