Pakistan and the Asian Development Bank (ADB) signed a USD 330 million loan agreement on Saturday for the Integrated Social Protection Development Program (ISPDP) Additional Financing.
“This program extends the current ADB-funded initiative, enhancing Pakistan’s social protection systems through the Benazir Income Support Programme (BISP),” said a press statement from the Economic Affairs Division.
Dr. Kazim Niaz, Secretary of Economic Affairs, and Emma Fan, ADB Country Director, signed the agreement.
During the event, Dr. Niaz underscored the importance of this additional financing through concessional lending. It aims to boost institutional capacity and access to education and healthcare, especially for women, adolescent girls, and children from low-income families.
He also thanked the ADB for its ongoing support.
Emma Fan reaffirmed the ADB’s commitment to bolstering the government’s social safety efforts on this occasion. She mentioned that this extra funding would help achieve inclusive growth, poverty alleviation, skills development, and improved healthcare access for vulnerable groups.
Moreover, the ADB highlighted on its X account that the result-based loan will broaden grassroots social protection and help reduce poverty among impoverished women and their families.
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“The program has increased access to primary and secondary education for children and adolescents from poor backgrounds and enhanced healthcare and nutrition for women and adolescent girls,” Emma Fan added.
Additionally, on December 11, the ADB approved a $200 million loan to upgrade Pakistan’s power distribution infrastructure and enhance electricity supply reliability.
An ADB press release stated that the Power Distribution Strengthening Project would focus on modernizing distribution systems to accommodate growing electricity demand. Key goals include cutting substantial energy losses during transmission and boosting infrastructure resilience against climate change and disasters. Initially, the project will benefit three major distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO), promoting more efficient and sustainable energy delivery in these areas.
