Washington (Newsdesk) The decision of ADB and World Bank to give a loan of one billion 55 million dollars to Pakistan. It is a concessional loan with an interest rate of one
2% and this loan has to be repaid within 40 years while 25% of this loan will be disbursed in the current financial year. According to the details, the World Bank and the Asian Development Bank (ADB) will provide one billion and 55 million dollars under the Pakistan cooperative project loan.
Islamabad (News Desk) ADB will provide a loan of 98 million dollars and the World Bank will provide a loan of 50 million 75 million dollars. According to ADB sources, this is a concessional loan with an interest rate of one to two percent and this loan has to be repaid within 40 years, while 25 percent of this loan will be released in the current fiscal year. Sources say that this loan will be spent on starting rehabilitation projects in flood affected areas, agriculture, highways, bridges and irrigation projects will be started with the loan amount.
Earlier in October, the World Bank said $2 billion was earmarked for relief projects in flood-affected areas for Pakistan. According to a statement issued by the Finance Division, Federal Finance Minister Ishaq Dar was met by World Bank Country Director Nenji Benhesin and his team. The statement said the Federal Minister of Finance, Ishaq Darne briefed Nenji Benhesin and his team on the current economic challenges facing the country.
The Finance Minister said that the current government is aware of these problems and is taking practical steps to remove obstacles in the way of development. He said, the government is determined to set the economy on the path of sustainable growth. The finance minister also briefed the World Bank team about the devastation caused by the recent floods in the country, the statement said.
In this regard, the country director of the World Bank, Neji Benhesen, informed about the ongoing programs of the World Bank and future cooperation. The statement of the Finance Division said that they informed the Minister of Finance that 2 billion dollars of funds are being allocated from the emergency measures of existing projects under the World Bank in flood-affected areas to provide World Bank Pakistan support. He further said that due to the emergency situation, one and a half billion this year