ADB assures Pakistan to approve $1.5bln for BRACE

ADB assures Pakistan to approve $1.5bln for BRACE. Finance Minister Ishaq Dar held a meeting with President Asian Development Bank Masatsugu Asakawa.

He thanked the President ADB for support provided over the years as a major development partner of Pakistan and also for the recent post flood commitments.

The ADB President assured the Finance Minister of approval of Balochistan Rural Development and Community Empowerment program amounting to US 1.5 billion dollars and of continued support to Pakistan.

Meanwhile, the Finance Minister and Governor State Bank Jameel Ahmad met Queen Maxima of Netherlands on the sidelines of Annual meetings of IMF-WB to discuss financial inclusion and banking on equality.

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The two sides reiterated commitment to work together to achieve fast progress in the subjects discussed.

The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines.

The bank also maintains 31 field offices around the world to promote social and economic development in Asia. The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries. From 31 members at its establishment, ADB now has 68 members.

The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.

ADB releases an annual report that summarizes its operations, budget and other materials for review by the public.

The ADB-Japan Scholarship Program (ADB-JSP) enrolls about 300 students annually in academic institutions located in 10 countries within the Region. Upon completion of their study programs, scholars are expected to contribute to the economic and social development of their home countries. ADB is an official United Nations Observer.

As of 31 December 2020, Japan and the United States each holds the largest proportion of shares at 15.571%. China holds 6.429%, India holds 6.317%, and Australia holds 5.773%.