Pakistan, ADB sign $330 Million loan agreement for social protection

ISLAMABAD: Pakistan and the Asian Development Bank (ADB) signed a loan agreement for the Integrated Social Protection Development Program (ISPDP) Additional Financing, amounting to USD 330 million, the Economic Affairs Division said on Saturday.

A press release issued in this regard stated that 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).

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

Secretary Economic Affairs, as per the statement, highlighted the importance of this additional financing from concessional lending for enhancing institutional capacity and improving access to education and healthcare, particularly among women, adolescent girls, and children from low-income families.

Dr. Niaz expressed gratitude for ADB’s continued support in this regard.

On the occasion, the Country Director Emma reaffirmed the Bank’s commitment to supporting the government’s objectives in strengthening social safety nets, according to a press release.

She stated that this additional financing will “support achieving the program objectives of achieving inclusive growth, poverty reduction skills development, and healthcare access for vulnerable populations”.

Taking on social media site X, the Manila-based lender said that the result-based loan for the ongoing Program will help expand the grassroots-level social protection to alleviate poverty among poor women and their families.

“The program has helped increase access to primary and secondary education for children and adolescents from poor families as well as improved access to health services and nutrition supplies for women and adolescent girls,” said ADB Country Director.