ADB approves $200 million additional financing loan for BISP

October 07, 2019

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The Asian Development Bank (ADB) on Monday said it had approved a $200 million loan as additional financing to support the Benazir Income Support Programme. — AFP/File
The Asian Development Bank (ADB) on Monday said it had approved a $200 million loan as additional financing to support the Benazir Income Support Programme. — AFP/File

The Asian Development Bank (ADB) on Monday said it had approved a $200 million loan as additional financing to support the Benazir Income Support Programme (BISP).

A press release issued by the Manila-based lending agency noted that an ADB-financed social protection development project, approved in 2013, had enabled the enrollment of over 855,000 beneficiaries of the BISP.

Read: ADB approves $430m loan for social safety plan

They added that the additional financing would "continue to support cash transfers as well as help BISP implement institutional strengthening measures".

"Social protection programs like the BISP are crucial to ensure that the poorest segments of the population do not go further into poverty, especially at a time when the country is facing difficult macroeconomic challenges," said the Director of Public Management, Financial Sector, and Trade for ADB’s Central and West Asia Department, Tariq Niazi.

He added that the ADB was committed to helping the Pakistani government "implement alternative modalities for social protection and poverty reduction such as asset transfer programs that promote improved human capital and reduce intergenerational poverty".

Additionally, ADB Country Director for Pakistan, Xiaohong Yang, said the additional financing would "support further institutional strengthening and improvements in financial management and controls in BISP".

"A policy research unit will also be established within BISP to help monitor and improve the performance of ongoing programs and design new cost-effective and evidence-based initiatives such as poverty graduation programs and conditional cash transfers for health and nutrition in line with global best practices," he added.