Pakistan and the Asian Development Bank (ADB) have signed a loan agreement worth US$330 million for additional financing of the Integrated Social Protection Development Program (ISPDP).
According to a press release issued by the Department of Economic Affairs on Saturday, this program builds on an existing ADB-funded initiative aimed at strengthening and expanding social protection systems in Pakistan through the Benazir Income Support Program (BISP).
The agreement was signed by Secretary of Economic Affairs Dr. Kazim Niaz and ADB Country Director Emma Fan.
Speaking during the signing, the Minister of Economic Affairs stressed the importance of this additional financing, which comes from soft lending. He said this would help strengthen institutional capacity and improve access to education and health care, especially for women, adolescent girls and children from low-income families. He also thanked the Asian Development Bank for its continued support.
On this occasion, ADB Country Director, Emma Fan, stressed the Bank’s commitment to helping Pakistan strengthen its social safety networks. She said that this funding will support the program’s goals of comprehensive growth, poverty reduction, skills development, and providing health care for vulnerable groups.
The press release noted that this loan agreement is a major step in improving social protection systems in Pakistan.
The Asian Development Bank also shared in its Account
“The program has helped increase access to primary and secondary education for children and adolescents from poor families, and has improved access to health services and nutrition supplies for women and adolescent girls,” said Emma Fan, ADB Country Director.