Pakistan receives $500 mln from AIIB

The government of Pakistan on Tuesday received $500 million from the Asian Infrastructure Investment Bank (AIIB).

The funds are deposited with the State Bank of Pakistan (SBP) it said adding these would augment country’s reserves.

Taking to Twitter, Finance Minister Ishaq Dar wrote, “Asian Infrastructure Investment Bank (AIIB) has transferred today, as per their Board’s approval, to State Bank of Pakistan/Government of Pakistan 

US $ 500 million as program financing.”

The Finance Ministry said the loan agreement was signed in Sharm el-Sheikh. While the funds have been deposited with the central bank, which will improve the foreign exchange reserves.

It is pertinent to mention here that on November 9, Dar had said that the AIIB has approved $500 million for Pakistan.

Article source: https://www.nation.com.pk/29-Nov-2022/pakistan-receives-dollar-500-mln-from-aiib