The Asian Development Bank (ADB) is looking to increase its funding for Pakistan over the next three years at the request of the Pakistani government, a local Pakistani newspaper DAWN reported on Friday.
ADB will increase its financial support for Pakistan to at least 6 billion U.S. dollars from 2008 to 2010 in loans and grants, up from about 1.5 billion U.S. dollars annually currently, the report quoted a statement released by ADB on Thursday as saying.
"Pakistan is in the league of fast-growing economies in Asia and ADB will do its best to ensure that growth continues as it is lifting scores of people out of poverty by creating new jobs," Juan Miranda, Director General of ADB's Central West Asia Department, said at a news conference here on Thursday.
ADB is also looking to mobilize substantial co-financing from commercial banks, private equity groups, capital markets, companies and bilateral organizations, while at the same time ramping up its direct private sector investments, Miranda said.
ADB is proposing a new four-pillar country strategy: First, to increase investment in infrastructure and utilities; Second, to support the government's reforms and promote private sector development; Third to improve competitiveness, which will lead to increased investment, especially in industry and agribusiness; And fourth, ADB is determined to its improve its development effectiveness, according to Miranda.
In addition to the financial support, ADB, together with the Pakistani government, will commission a major study this year to identify new opportunities to broaden the country's industrial base through both domestic markets and exports.
"Pakistan's economy has also become one of the most open in the region and ADB is supporting the Government's upcoming second generation of reforms, which will give it even greater depth and credibility regionally and internationally," Miranda said.
Source: Xinhua
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