ISLAMABAD , April 25, 2023: With record receipts of $5.58 billion, Pakistan has become the largest recipient of the Asian Development Bank (ADB)-funded programmes/projects in the year 2022, the bank’s annual report reveals.
Of total disbursement of more than $31.8 billion to 40 countries, Pakistan received $5.58bn loans, the ADB Annual Report 2022 said.
Out of the total lending of $5.58bn, Pakistan received concessional funding of $2.67 billion from the bank in last year. The ADB also provided Pakistan with $1.5bn, along with $500m in co-financing, through the Building Resilience with Active Counter-cyclical Expenditures Programme.
To improve health outcomes for Pakistani women, the Bank committed a $100m loan for upgrading secondary hospitals in Khyber Pakhtunkhwa.
Delivering a substantial emergency response for Pakistan during 2022, ADB supported post-pandemic green growth and increased resilience to both short and long-term challenges in its developing member countries of Central and West Asia.
The Asian lender bank committed financial resources totaling $6bn for the region in 2022, comprising $4.8bn in sovereign financing and $1.2bn in non-sovereign investments.
According to the report, Afghanistan and Pakistan were severely impacted by rising food and energy prices, exacerbated by the Russian invasion of Ukraine, triggering domestic inflation and curtailing consumption. It further noted that Pakistan also faced devastating flooding in 2022 which claimed the lives of more than 1,500 people.
The report said the bank worked swiftly to provide immediate support for Pakistan’s flood victims, disbursing a $3 million grant under the Asia Pacific Disaster Response Fund in September and ensuring supply of emergency food supplies, tents, and other relief items.
The bank followed that emergency support by committing a further $449m for direct and comprehensive flood support. Comprising a loan, technical assistance, and repurposed financing, the package covers reconstruction of 485kms of vital roads and around 30 bridges, the report said.
As a whole, the Manilla-based lender committed $20.5bn from its own resources in previous year to help Asia and the Pacific continue its recovery from the Covid-19 pandemic despite fresh economic headwinds and crises, according to a report released on Monday.
The $20.5bn comprised loans and guarantees, grants, equity investments, and technical assistance provided to governments and the private sector. ADB mobilised an additional $11.4bn in co-financing, according to the financial and operational results published in the bank’s annual report.
ADB committed $6.7bn in financing for climate mitigation and adaptation in 2022, making progress toward its ambition of providing $100bn in cumulative climate financing during 2019–2030.
To address the region’s worsening food crisis, ADB provided $3.7bn under its $14bn food security programme, delivering essential food relief for people most in need and strengthening food production systems.
To support economic recovery, ADB financed institutional reforms, strengthened public service delivery, and growth in key economic sectors. ADB’s $3.9bn in commitments to the private sector included vital liquidity support to enterprises facing a difficult business environment.
Meanwhile, the bank made wide-ranging investments in quality infrastructure as well as in education, health, and other social sectors that contributed to building economy-wide resilience.