 "ADB pumps $175 million in Mytrah Energy")
Owing to the economic crisis led by political and geopolitical uncertainties, Pakistan has become the largest recipient of the Asian Development Bank (ADB)-funded programmes/projects in the year 2022.
According to the ADB Annual Report 2022, released on Monday, out of total disbursement of over $31.8 billion to 40 countries, Pakistan received loans of $5.58 billion, Geo News reported.
It should be noted that out of the total lending of $5.58 billion, Pakistan received concessional funding of $2.67 billion from the bank in last year.
In Pakistan, extreme floods damaged over one-third of the Kharif (summer) seasonal cropping area, curtailing food supply and driving up prices.
In Afghanistan, drought and flash floods worsened food insecurity and contributed to soaring prices of staple items, which impacted the entire population.
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ADB committed $3.7 billion from the programme in 2022, including essential food assistance for those in need, including women and girls, in Afghanistan (using UN systems), Pakistan and Sri Lanka.
Afghanistan and Pakistan were severely impacted by rising food and energy prices, exacerbated by the Russian invasion of Ukraine, triggering domestic inflation and curtailing consumption, Geo News reported.
The Manila-based lender in its annual report observed that the bank provided timely responses to emerging and ongoing crises in the Asia and Pacific region.
This included a combined $2.2 billion, directed through the bank's countercyclical support facility, for the Kyrgyz Republic, Mongolia, Pakistan, Tajikistan, and Uzbekistan -- all severely impacted by the food and energy crisis, sparked by the Russian invasion of Ukraine, and in the case of Pakistan, devastating floods, Geo News reported.
--IANS
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
