ABD to Lend $7.528 billion to Pakistan for Development Projects
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ADB Signs Loan Agreement With Pakistan to Support Anti COVID-19 Efforts

Asian Development Bank (ADB) and the government of Pakistan have signed an agreement to expand support for Pakistan’s response to the novel coronavirus (COVID-19) pandemic in Khyber Pakhtunkhwa through the National Disaster Risk Management Fund (NDRMF).

Secretary of Pakistan’s Economic Affairs Division Noor Ahmed and ADB’s Country Director for Pakistan Xiaohong Yang signed the agreement.

After the signing ceremony, ADB Country Director Xiaohong Yang met with Chargé d’affaires of the Royal Norwegian Embassy in Islamabad Sigbjørn Tenfjord to discuss the project.

Under the agreement, the government of Norway will provide a $5.28 million grant to strengthen the emergency response system in Khyber Pakhtunkhwa province amid the COVID-19 crisis. The grant is drawn from the unused resources of the Pakistan Earthquake Fund and will be administered by ADB.

“The grant will help provide emergency response services, procure necessary equipment and supplies to poor communities in Khyber Pakhtunkhwa’s remote areas,” said Ms. Yang.

This reflects the enduring partnership and commitment of the Norwegian government and ADB to supporting disaster risk reduction in Pakistan.

In May, ADB reallocated $30 million from the National Disaster Risk Management Project to support Pakistan’s pandemic response and the NDRMF Board of Directors allocated an additional $20 million from earned interest from the Endowment Fund capitalized under the project.

Norway has provided significant financial and technical support to Pakistan, including good governance, education, health, and emergency assistance. Norway worked with ADB and other partners to help Pakistan swiftly rebuild and recover from the 2005 earthquake.

Following the heavy floods which devastated large parts of Pakistan in 2010 and 2011, Norway provided more than $56.4 million in aid for flood-affected families and to restore basic services.

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