ISLAMABAD, Dec 11 :The Asian Development Bank (ADB) has approved $330 million in additional financing to strengthen Pakistan\u2019s federally administered social protection programs and services. <\/p>\n
The result-based loan for the ongoing Integrated Social Protection Development Program (ISPDP) will help expand the grassroots-level social protection to alleviate poverty among poor women and their families, according to ADB press release received here Wednesday.<\/p>\n
The program will enhance the institutional capacity of the Benazir Income Support Programme (BISP), Pakistan\u2019s flagship social protection agency, to transition to adaptive and climate-resilient social protection.<\/p>\n
This will include enhancing access to education pathways for children and youth from poor families and increasing access to health services and nutrition supplies for beneficiaries who are in disaster-prone areas. <\/p>\n
\u201cThis program strengthens Pakistan\u2019s effort to improve human capital development and reduce intergenerational poverty, especially for women who are disproportionately affected during difficult economic situations,\u201d said ADB Director General for Central and West Asia Yevgeniy Zhukov.<\/p>\n
Zhukov said ADB\u2019s additional financing would help boost the government\u2019s ability to reach more of the poorest and most vulnerable in the country.<\/p>\n
Approved in December 2021, the ISPDP includes a $600 million loan from ADB\u2019s ordinary capital resources, a $3 million grant from the Asian Development Fund, and a $24.48 million cofinancing grant from the Education Above All Foundation. The $627 million program, in implementation since 2022, has achieved significant results.<\/p>\n
\u201cThe 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,\u201d said ADB Country Director for Pakistan Emma Fan.<\/p>\n
\u201cSteady 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,\u201d Emma added. <\/p>\n
Since 1966, ADB has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan, a founding member of the bank, and improve the country\u2019s infrastructure, energy and food security, transport networks, and social services.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD, Dec 11 :The Asian Development Bank (ADB) has approved $330 million in additional financing to strengthen Pakistan\u2019s federally administered social protection programs and services. The result-based loan for the ongoing Integrated Social Protection Development Program (ISPDP) will help expand the grassroots-level social protection to […]<\/p>\n
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