Islamabad (TDI): The Asian Development Bank (ADB) has also approved 330 million dollars in additional funding for social protection programs, focusing on the education and health of women and children while 16 more developmental projects are likely to be initiated next year.
All this became possible due to collaboration between the Special Investment Facilitation Council and Asian Development Bank (ADB).
The Special Investment Facilitation Council and the Asian Development Bank are collaborating on a strategy to promote economic growth in Pakistan and the SIFC’s effective policies have drawn attention from global institutions, Pakistani state-run media has said.
Read More: ADB, SAFCO Seal $86.2M SAF Deal in Pakistan
In partnership with ADB, seven development projects are currently underway, with 16 more expected next year. A 200 million dollars project aims to modernize Pakistan’s Electricity Transmission System, while the installation of smart meters for discos has been approved. The bank is also supporting Tax Reforms and digitalization at the Federal Board Of Revenue.
ADB and Climate Change
Acknowledging Pakistan’s efforts to address climate change, ADB has provided 500 million dollars in funding. A flood warning system is being considered to reduce annual losses exceeding 2 billion dollars from natural disasters.
Also Read: Pakistan, ADB Vow to Enhance Cooperation on Climate Change
Pakistan is trying to improve social indicators along with economic indicators after a long period of economic crises in the country.
The low income population is vulnerable to high-tax burden and economic changes in the country, so focusing on social protection is key to keep the country on path of development.
