ISLAMABAD: The board of the Asian Infrastructure Investment Bank (AIIB) gave approval for the disbursement of $500 million in financing for Pakistan. The amount will be handed over to Pakistan in next couple of weeks.
Finance Minister Senator Ishaq Dar disclosed this development on social media.
Through Twitter, Ishaq Dar said that the financing was part of a $1.5 billion Building Resilience Under Active Countercyclical Expenditures (BRACE) Program of the ADB that was announced in October.
He said that $1.5 billion BRACE Program supports the government’s initiatives to tackle the adverse impacts of devastating floods, supply chain disruptions, rising energy and fuel prices and inflation on the poor and vulnerable.
According to Finance Minister, the funds are expected to be transferred to Pakistan later in November.
Dar said that the BRACE Program of the ADB will help government to expand the number of families receiving cash transfers through the Benazir Income Support Program from existing 7.9 million to 9 million.
The programme will also enhance the number of children enrolled in primary and secondary schools, and enhance geographic coverage of health services and nutritional supplies for pregnant and lactating mothers and children younger than two-years-old.