ADB approves loans of $150mn for Pakistan

The Asian Development Bank would provide loans up to $150 million to start the second phase of financial and social reforms in Punjab and the agreement has been signed in this regard. Secretary Economic Affairs Division Farrukh Qayyum and Country Director of ADB Rooney Stroom signed the pact in Islamabad. Pakistan will return heavy loan of $75 million in 15 years and easy loan of $75 million would be returned in 24 years. Punjab government will establish a Pension Fund of Rs 12 billion for government employees under the conditions of the loan; and discussion on it would be started three months before the approval of budget every year. Infrastructure projects would also be kicked off with the cooperation of private sector.