Agreement was signed by ADB Country Director Ms. Xiaohong Yang and Secretary Economic Affairs Division, Noor Ahmed
ISLAMABAD: Pakistan and Asian Development Bank (ADB) signed a $200 million loan agreement for additional financing to help support the government”s flagship social protection program, the Benazir Income Support Program (BISP).
The agreement was signed by ADB Country Director Ms. Xiaohong Yang and Secretary Economic Affairs Division, Noor Ahmed while Ali Raza Bhutta, Secretary BISP, signed the accompanying project agreement with ADB.
The Minister for Economic Affairs, Hammad Azhar witnessed the signing ceremony.
BISP, considered one of the largest social protection programs in South Asia, is part of a larger government strategy, called Ehsaas, to reduce poverty and inequality. BISP, which is primarily funded by the government of Pakistan, supports Ehsaas through cash transfers, poverty graduation programs, and a targeted safety net.