ISLAMABAD: Islamabad has signed a loan agreement with the Asian Development Bank (ADB), under which Pakistan will be awarded the Integrated Social Protection Development Program (ISPDP) additional financing amounting to $330 million.
“This program builds on the ongoing ADB-funded program for strengthening and expanding social protection systems in Pakistan through the Benazir Income Support Programme (BISP),” the Economic Affairs Division said in a press release.
The agreement was signed by Secretary Economic Affairs Dr. Kazim Niaz and ADB Country Director Emma Fan.
The result-based loan for the ongoing Integrated Social Protection Development Program (ISPDP) will help expand grassroots-level social protection to alleviate poverty among poor women and their families, the Manila-based lender said in a statement.
“The Secretary Ministry of Economic Affairs highlighted the importance of this additional financing from concessional lending for enhancing institutional capacity and improving access to education and healthcare, particularly among women, adolescent girls, and children from low-income families,” the statement read.
“The program is performing well. It has helped increase access to primary and secondary education for children and adolescents from poor families as well as improved access to health services and nutrition supplies for women and adolescent girls,” said ADB Country Director for Pakistan Emma Fan.
“Steady progress has been also made to improve the financial management, procurement practices, internal controls, and information management system for BISP, which is responsible for implementing cash transfer programs.”