Islamabad: The Asian Development Bank (ADB) has announced an $86.2 million loan for Pakistan.
According to the statement issued by ADB, the amount will be provided to Pakistan as a development loan and used to establish stable reserves of aviation fuel. This amount will facilitate the establishment of a private aviation fuel reserve in Sheikhupura. The loan is being provided under climate support as part of an infrastructure loan and will help reduce carbon emissions in the aviation industry.
It is reported that ADB President Masatsugu Asakawa recently announced $2 billion in aid for Pakistan. The ADB President announced this during a meeting with President Asif Ali Zardari. During the meeting, President Zardari emphasized increasing cooperation with ADB to address the impacts of climate change and informed Masatsugu Asakawa about the economic challenges faced by Pakistan.
On this occasion, the ADB President stated that Pakistan is facing severe impacts of climate change. To address these challenges, ADB will provide $2 billion in annual aid to Pakistan over the next three years. Similarly, ADB has approved $400 million in aid for rebuilding flood-affected homes, and infrastructure, and restoring basic health facilities in Sindh.
Meanwhile, the Pakistan Stock Exchange continues to exhibit a bullish trend, with the benchmark 100 index reaching its highest historical level. On the fourth business day of the week, the stock market experienced a surge during trading, with the 100 index increasing by more than 1,000 points, bringing it to a record high of 106,000 points.
