June 22nd 2024.
A new development has taken place in Islamabad, as the Asian Development Bank has recently signed an agreement to provide a 250 million US dollar policy-based loan to support Pakistan's sustainable investments in infrastructure and services. This initiative aims to promote public-private partnerships, which have proven to be successful in driving growth and development.
The signing ceremony was held on Friday and was attended by Ye Yong, the country director for Pakistan at the Asian Development Bank, and Kazim Niaz, the Secretary of the Economic Affairs Division in Pakistan. The agreement was announced through a statement on the ADB's official social media handle.
According to a press release by the Economic Affairs Division, the primary goal of this program is to strengthen the governance framework and create a conducive environment for public-private partnerships at the federal government level. This will be achieved by improving the policy, legal, and institutional frameworks for public investment management and public financial management.
During the signing ceremony, Kazim Niaz expressed his confidence that this program will play a significant role in involving the private sector in the country's development process. The Economic Affairs Division also emphasized the importance of this partnership in achieving their goals and promoting sustainable growth.
This agreement between the Asian Development Bank and Pakistan is a positive step towards promoting sustainable investments and strengthening the country's infrastructure and services. It is hoped that this program will pave the way for more successful public-private partnerships in the future.
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