GoP & ADB signed a loan agreement of US$ 300m & US$ 5m grant agreement under Emergency Assistance for Fighting Against COVID-19 Pandemic.
Islamabad June 5, 2020
Mr. Noor Ahmed, Secretary, Economic Affairs Division and Ms. Xiaohong Yang, Country Director, Asian Development Bank (ADB) signed a loan agreement of US$ 300 million and grant agreement of US$ 5 million between the Government of Pakistan and the Asian Development Bank under Emergency Assistance for Fighting Against COVID-19 Pandemic. Under this financing agreement, public health emergency preparedness and response system will be strengthened. National Disaster Risk Management Fund (NDRMF) will provide this financing to government agencies for procurement of medical supplies, personal protective equipment (PPEs) and emergency vehicles. In addition, public health facilities including infrastructure, water, sanitation & hygiene (WASH) and waste management system will be upgraded. It will also strengthen the health management systems including inventory control, disease surveillance & standard protocols, etc. Under social protection component, an amount of $ 200 million is allocated for poor and vulnerable. Benazir Income Support Program will utilize this amount for additional cash transfers to BISP beneficiaries and Ehsaas Program. The BISP will provide additional one-time cash transfer of Rs. 4,000 to 3.3 million beneficiary women and ongoing UCT installments of Rs. 2,000 per month to 2.5 million beneficiary women for the first 4-months of FY2021 to enable them to meet their basis needs. It will also allow BISP to expand the coverage to the next level of poor families likely to be worse off from the socioeconomic impact of COVID-19. Makhdum Khusro Bakhtyar, Minister for Economic Affairs expressed his deep appreciation to ADB for this timely financial support. He also expressed commitment of GOP to do whatever it takes to protect life and livelihood of people during these difficult times. Mr. Muhammad Yaqoob Shaikh, Parliamentary Secretary for Economic Affairs Division witnessed the signing ceremony and thanked the ADB for its enhanced support for Pakistan. On this occasion, Mr. Yusuf Khan, Secretary, BISP and Lt. Gen. (R) Nadeem Ahmed, CEO, NDRMF also signed the project agreements with the Country Director, ADB. Ms. Xiaohong Yang, Country Director, ADB expressed that ADB is committed to provide necessary financial and technical support to Pakistan in all circumstances.