Islamabad November 9 2022: Asian Infrastructure Investment Bank has approved USD 500 million as co-financing of Asia Development Bank funded BRACE program for Pakistan today.
“Board of Asian Infrastructure Investment Bank (AIIB) has today approved USD 500 million as co-financing of Asian Development Bank (ADB) funded BRACE program for Pakistan. These Funds will be received by State Bank of Pakistan within November 2022” says Pakistan Finance Minister Ishaq dar.
Earlier Pakistan received $1.5 billion loan, under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Program from Asian Development Bank. These funds will help fund the government’s $2.3 billion countercyclical development expenditure program designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.
