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Pakistan Secures $1.03 Billion in Loans from Asian Development Bank in 2024
Pakistan secures $1.03 billion from the Asian Development Bank in 2024 to support climate change efforts, strengthen BISP, and improve electricity transmission.
ND
by News Desk
2024-12-31
Pakistan Secures $1.03 Billion in Loans from Asian Development Bank in 2024

Pakistan received significant financial support from the Asian Development Bank (ADB) to address critical challenges facing the nation. The total loans amounted to $1.03 billion, distributed across several key sectors.

The first major loan, approved on October 29, 2024, was for $500 million to combat climate change and its adverse effects. This loan aims to enhance Pakistan's resilience to environmental challenges, which have become increasingly severe due to shifting weather patterns and natural disasters.

In December 2024, Pakistan received an additional $330 million loan from ADB, aimed at strengthening the country's social protection system. This funding will help reduce poverty levels by increasing the capacity of the Benazir Income Support Program (BISP), a critical tool for providing financial aid to vulnerable families across Pakistan.

Also, in December 2024, a $200 million loan was approved to improve Pakistan's electricity transmission infrastructure. This loan will benefit key electricity supply companies like Lahore Electric Supply Company (LESCO), Multan Electric Supply Company (MEPCO), and Sukkur Electric Supply Company (SEPCO), improving power distribution and reducing outages in the country.

These loans reflect Pakistan’s ongoing efforts to strengthen its climate resilience, reduce poverty, and improve its energy infrastructure, with the support of international financial institutions like the ADB.

 
Tagged:

Pakistan

ClimateChange

AsianDevelopmentBank

ADBLoans
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