ADB scales up support for social protection program

ISLAMABAD: The Asian Development Bank (ADB) has approved an additional $330 million in financing to enhance Pakistan’s federally administered social protection programs and services.

According to an ADB press release issued on Wednesday, the results-based loan is part of the ongoing Integrated Social Protection Development Program (ISPDP). This funding aims to expand grassroots-level social safety initiatives to alleviate poverty, particularly among impoverished women and their families.ADB President briefed on BISP’s key initiatives

The program focuses on strengthening the institutional capacity of the Benazir Income Support Programme (BISP), Pakistan’s leading social protection agency, to adopt adaptive and climate-resilient approaches. It will also improve access to education for children and youth from underprivileged families and expand healthcare and nutrition services for beneficiaries in disaster-prone regions.

“This initiative bolsters Pakistan’s efforts to advance human capital development and break the cycle of intergenerational poverty, particularly for women, who face greater challenges during economic hardships,” stated Yevgeniy Zhukov, ADB Director General for Central and West Asia.

Zhukov added that the additional financing would enhance the government’s ability to support the poorest and most vulnerable segments of the population.

Launched in December 2021, the ISPDP includes a $600 million loan from ADB’s ordinary capital resources, a $3 million grant from the Asian Development Fund, and a $24.48 million co-financing grant from the Education Above All Foundation. Since its implementation in 2022, the $627 million program has achieved significant progress.