The Government of Pakistan signed a $330 million loan agreement with the Asian Development Bank (ADB) on Saturday to provide additional financing for the Integrated Social Protection Development Programme (ISPDP). This initiative aims to bolster and expand the country’s social protection systems.
According to a news release, the programme builds on an existing ADB-funded initiative to strengthen social protection mechanisms in Pakistan through the Benazir Income Support Programme (BISP).
The agreement was signed by Economic Affairs Secretary Kazim Niaz and ADB Country Director Emma Fan. Speaking on the occasion, Secretary Niaz highlighted the significance of the additional financing under concessional lending terms. He noted that the funds would enhance institutional capacity and improve access to critical services like education and healthcare, particularly for women, adolescent girls, and children from low-income families.
He expressed gratitude to the ADB for its unwavering support in addressing Pakistan’s socio-economic challenges.
ADB Country Director Emma Fan reiterated the bank’s commitment to Pakistan’s efforts in strengthening social safety nets. She emphasized that the additional financing would facilitate inclusive growth, poverty alleviation, skills development, and better healthcare access for vulnerable populations.
“This loan agreement represents a significant step in advancing Pakistan’s social protection systems, ensuring equitable access to essential services and promoting the well-being of underserved communities,” she said.
The ISPDP aims to create a more resilient social safety net, which is integral to addressing poverty and inequality in Pakistan. By focusing on education, healthcare, and skills development, the programme seeks to uplift marginalized communities and contribute to sustainable economic growth.
The additional financing underscores the importance of continued collaboration between Pakistan and the ADB in achieving long-term development goals.
