ADB To Allocate US$1 Billion To Pakistan In 2008

By Bernama,

Islamabad : Asian Development Bank will allocate a loan of US$1 billion to Pakistan in the financial year of 2008 which begins in July, for social and economic programmes, Director General of the Central and West Asia Department Juan Miranda said in Madrid on Monday.

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Quoting Miranda, the Russia’s Itar-Tass news agency reported that these funds are allocated within the framework of the programme of loans for Pakistan coordinated in the last two years.

About US$300 to US$350 million will be earmarked for implementing energy projects, building of roads and development of rural regions while US$62 million will be spent on the development of small and medium industrial enterprises.

For the programmes of strengthening of the financial system and industry and the rehabilitation of the territories hit by the devastating earthquake in 2005, it will be allocated US$200 million respectively.

Pakistan is the biggest borrower of the bank. In the financial year of 2007, it got two billion dollars. In 2007, the Asian Development Bank announced the allocation of US$6 billion to Pakistan until 2010.

Pakistan is strategically important and fulfils its obligations on the implementation of reforms, Miranda explained.