Asian Development Bank has co-financed more than USD 16 billion to fund trade development in Pakistan, according to a report issued by the bank.
ADB’s trade finance program (TFP) fills market gaps by providing guarantees and loans through partner banks in support of trade. In Pakistan, the TFP works with 13 banks and has supported USD 16.03 billion in trade and 5,159 transactions as of November 2019 - 52.9% of the USD 16.03 billion was co-financed by the private sector, the document said. Likewise, the supply chain finance program supported USD 0.88 million in trade over five transactions as of November 2019 in Pakistan and mobilised USD 0.44 million in co-financing.
Overall, the Philippines-based lender disbursed USD 2.4 billion worth of loans and grants to Pakistan during the 2019 up to December-end, lending support the country to reduce current account deficit.
The amount included USD 1.8 billion in program lending and USD 634.3 million in project lending. The program-lending or policy-based loan provided one billion dollar in immediate budget support to shore up the country’s public finances and USD 500 million to improve trade competitiveness, the document said.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now