ADB approves $250m expensive loan

The Asian Development Bank (ADB) on Wednesday approved a $250 million expensive loan to support policies to shift financing of major projects from the budget to private sector amid displeasure on the part of Prime Minister Shehbaz Sharif over the lack of progress on private-funded schemes. The board of the Manila-based lending agency approved the release of first tranche of the $500 million expensive and relatively short-term budget support loan for Pakistan. The loan has been approved with the name of Promoting Sustainable Public-Private Partnership in Pakistan. In an official communication, the ADB said that the policy-based loan would help the government of Pakistan drive sustainable investment in infrastructure and services through public-private partnerships (PPPs).