Islamabad (Lord Media): Pakistan and the Asian Development Bank (ADB) have signed a policy-based loan agreement worth 700 million U.S. dollars to support financial sector reforms and the development of the insurance sector in the country.
According to the spokesperson for Economic Affairs, ADB will provide 700 million U.S. dollars under the Insurance Transformation Program, with 250 million U.S. dollars offered on concessional terms.
The agreement was signed by Secretary of Economic Affairs Muhammad Humair Karim on behalf of Pakistan and Deputy Country Director Hussain Haider on behalf of ADB.
Muhammad Humair Karim described ADB as a reliable development partner for Pakistan, stating that the program aims to strengthen the financial sector and introduce comprehensive reforms.
He added that the program will support the completion of ‘Udaan Pakistan’ and the Securities and Exchange Commission of Pakistan’s (SECP) five-year roadmap. It aligns with national financial inclusion and government policy objectives related to climate change.
ADB Deputy Country Director Hussain Haider termed the program as a significant and transformative initiative for the insurance sector, promoting fair competition among insurance companies and improving the sector’s overall performance.
