Social protection system: $330m loan accord signed with ADB

ISLAMABAD: Pakistan and the Asian Development Bank (ADB) on Saturday formally signed a loan agreement for the Integrated Social Protection Development Program’s additional financing amounting to $330 million.

This program builds on the ongoing ADB-funded program for strengthening and expanding social protection systems in Pakistan through the Benazir Income Support Programme (BISP), a press statement issued by the Economic Affairs Division read.

The agreement was signed by Secretary Economic Affairs Dr Kazim Niaz and ADB Country Director Emma Fan.

Speaking on the occasion, Kazim highlighted the importance of this additional financing from concessional lending for enhancing the institutional capacity and improving access to education and healthcare, particularly among women, adolescent girls and children from low-income families. He expressed gratitude for the ADB’s continued support in this regard.

The ADB country director reaffirmed the bank’s commitment to supporting the government’s objectives in strengthening social safety nets. She said this additional financing would support achieving the program objectives of achieving inclusive growth, poverty reduction, skills development and healthcare access for vulnerable population.