Asian Development Bank to give Pakistan around $2 billion annually in loans

The Asian Development Bank (ADB) will give Pakistan around $2 billion annually in loans for the next several years to aid its economic recovery and reforms, president Masatsugu Asakawa assured Pakistan President Asif Ali Zardari on Monday.

The loans will focus on climate-resilient infrastructure, social protection programs and institutional reforms to foster sustainable development.

The ADB president met Zardari during a four-day visit to the country. He also met Prime Minister Shehbaz Sharif, Minister of Finance Muhammad Aurangzeb and Minister for Economic Affairs and ADB Governor Ahad Khan Cheema.

During his meeting with the president, the ADB chief said he was deeply impressed by Pakistanis' resilience and the government's commitment to crucial reforms.

"ADB remains fully committed to supporting Pakistan in areas such as climate resilience, food security, social protection and job creation, with a particular focus on empowering women," a statement released by the bank after the meeting quoted him as saying.

During the ADB chief's visit, the Bank and Pakistan signed agreements for a $400 million Sindh Emergency Housing Reconstruction Project, which aims to help the country recover from 2022's devastating floods, and $320 million Khyber Pakhtunkhwa Rural Roads Development Project, which aims to rehabilitate 900 kilometers of roads in Pakistan's north-western province.