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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pakistan and ADB sign 700 mn USD loan for financial reforms, boosting insurance sector. Agreement aims to strengthen financial sector, align with policy goals.<\/p>\n","protected":false},"author":1,"featured_media":75528,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[1395,1396,1397,221],"ppma_author":[94],"class_list":["post-75527","post","type-post","status-publish","format-standard","has-post-thumbnail","category-uncategorized","tag-asian-development-bank","tag-financial-sector","tag-insurance","tag-pakistan"],"yoast_head":"\n