The Asian Infrastructure Investment Bank (AIIB) has approved $250 million to help Pakistan strengthen its response to the social and economic fallout from the COVID-19 pandemic.
The AIIB said that the loan is co-financed by the World Bank, adding that this development policy financing will help bolster the government’s Resilient Institutions for Sustainable Economy (RISE) Programme.
“The pandemic has rapidly evolved in Pakistan and now threatens to undo many of the hard-won gains made in reducing poverty over the past two decades,” said AIIB Vice President, Investment Operations, Konstantin Limitovskiy. “Our immediate support is critical and will contribute to the government’s efforts to mitigate pandemic-related shocks, so that the country may continue on its path to sustainable development,” he added.
A USD250-M loan to #Pakistan aims to help strengthen its response to the social and economic fallout from #COVID19 which is expected to have long-term repercussions on growth, and may undermine the hard-fought progress the country has made in restoring #macroeconomic stability.
— AIIB (@AIIB_Official) July 22, 2020
