ISLAMABAD, Mar 22 (APP):Minister for Economic Affairs Omar Ayub Khan Tuesday appreciated the approval of $300 million by Asian Development Bank under Capital Market Development Program (SP-2).
This program aims to support demand and supply measures to broaden and deepen the financial system in Pakistan with strong legal and regulatory framework.
In his tweet the minister also commended the support of ADB and efforts of Pakistan Executive Director at ADB, Noor Ahmed, EAD, and ministry of finance for successful completion of reforms under CMDP(SP-2) for $ 300 million.
It will help to mobilize financial resources for productive investment, especially by pvt sector, and facilitate economic growth by developing the bond & equity capital markets, he said adding that it would also help to improve forex reserves and stabilize exchange rate.
Earlier the ADB had approved on Tuesday, a $300 million loan to further develop Pakistan’s capital markets, promote private investment in the country, and help to mobilize domestic resources to finance sustainable growth.