Islamabad: Finance Minister Ishaq Dar stated that the Asian Infrastructure Investment Bank (AIIB) has sanctioned a USD 500 million loan for post-flood rehabilitation in Pakistan.
According to the details, the AIIB will provide USD 500 million as co-financing the Asian Development Bank (ADB)-funded Building Resilience with Active Countercyclical Expenditure (BRACE) program for the country. The funds will be transferred to the SBP – State Bank of Pakistan within November to support mitigating damages caused by the devasting floods.
It is pertinent to mention that the ADB shared USD 1.5 billion in loans under BRACE for budgetary support and rehabilitation and reconstruction activities related to the flood. Under the BRACE program, the loan is provided for social safety, employment support, and food protection amid the devastating floods and global chain disturbances.
On the sidelines of #COP27, AIIB and @GovtofPakistan signed a loan agreement for the Building Resilience w/ Countercyclical Expenditures (BRACE) Program to support 🇵🇰Pakistan’s social response to address the adverse impacts of exogenous crisis & devastating floods.#AIIBatCOP27 pic.twitter.com/XsEyKFxLVw
— AIIB (@AIIB_Official) November 10, 2022
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