KARACHI, 25 December 2003 — The Asian Development Bank has proposed to lend $1 billion for eight development projects in the next calendar year (2004), having its focus on pro-poor growth and reduction of poverty.
In 2003 the lending portfolio was worth $871 million and that is being raised to over one billion dollars. This was the level of lending in 2002 when it amounted to $1.1 billion. The lending program is in line with ADB’s Country Strategy and program for Pakistan for 2002-2006 whose main focus is poverty reduction and promotion of sustainable pro-poor growth, inclusive of social development and good governance.
The next year’s program consists of two components: firm loans worth $800 million, and standby loans worth $300 million.
Of the $1 billion development assistance, nearly $232 million would come from the concessional ADF, while the rest, $768 million, would be from the OCR.
Disbursement during the current year has been around $500 million.
