ISLAMABAD: Pakistan has today received US$ 500 million from Asian Infrastructure Investment Bank (AIIB). The funds are deposited with SBP and will augment Pak reserves.
Also read: ADB deposits $1.5 billion at State Bank of Pakistan
Earlier this month, Finance Minister Ishaq Dar had tweeted on Nov 9 that the Board of Asian Infrastructure Investment Bank (AIIB) had USD 500 million as co-financing of Asian Development Bank (ADB) funded BRACE program for Pakistan.
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.— Ishaq Dar (@MIshaqDar50) November 9, 2022
It is pertinent to mention here that the BRACE (Building Resilience with Active Counteryclical Expenditures Programme) is an Asian Development Bank financing programme to counter the social fallouts of economic crisis.
Also read: ADB says BRACE program will provide timely liquidity to Pakistan
In October, the ADB had approved $1.5 billion in financing to help Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.
Also read: Pakistan receives $1.2bn from Asian Development Bank
