AIIB okays $250m for sustainable growth

With the approval of $250 million by the Asian Infrastructure Investment Bank, for the Second Resilient Institutions for Sustainable Economy (RISE-II) development policy financing, the government is now in full gear to implement critical policy reforms to accelerate economic recovery and build the foundations for sustainable growth. Last week, the World Bank had approved $350m for the second phase of the RISE project, which was followed by the Beijing-based AIIB to approve $250m for the $500m project. RISE-II is supported under the Covid-19 Crisis Recovery Facility of AIIB and co-financed with the World Bank as a development policy financing (DPF) under the WB’s DPF Policy to further key institutional and policy reforms. AIIB co-financed RISE-I with the World Bank in 2020, which was first in the proposed programmatic series to assist the Pakistan government strengthen its policies for improved macroeconomic management and business competitiveness in the medium term.