Pakistan, ADB sign $500 million loan agreement

ISLAMABAD: Pakistan and the Asian Development Bank (ADB) signed a $500 million loan agreement for the Trade and Competitiveness Program, on Wednesday.

A signing ceremony took place in the federal capital which was attended by Minister for Economic Affairs Hammad Azhar and ADB Country Director Xiaohong Yang.

Mr Azhar said that ADB’s policy-based lending will boost economic activities in the country. Xiaohong said that the bank stood behind the government’s vision and policies.

The news comes at a welcome time when Pakistan is struggling to over a Balance of Payment (BoP) crisis courtesy a $18 billion deficit.