ISLAMABAD: The Asian Development Bank (ADB) Country Director Xiaohong Yang and Secretary Economic Affairs Division, Noor Ahmed signed a $200 million loan agreement for additional financing to help support the government of Pakistan’s flagship social protection program, the Benazir Income Support Program (BISP).

Ali Raza Bhutta, Secretary BISP, signed the accompanying project agreement with ADB. Minister for Economic Affairs Hammad Azhar witnessed the signing ceremony, a press release issued on Friday said.

The BISP, considered one of the largest social protection programs in South Asia, is part of a larger government strategy, called Ehsaas, to reduce poverty and inequality. The BISP, which is primarily funded by the government of Pakistan, supports Ehsaas through cash transfers, poverty graduation programs, and a targeted safety net.

The ADB-financed Social Protection Development Project, approved in October 2013, has enabled the enrollment of over 855,000 women beneficiaries to the program. The $200 million additional financing will continue to support this initiative as well as helping BISP implement institutional strengthening measures. “The ADB’s additional financing will support further institutional strengthening of BISP.

A policy research unit will be established within BISP to help monitor and improve ongoing programs and design new evidence-based initiatives such as conditional cash transfers, following global best practices”, said ADB Country Director, Xiaohong Yang. She added that the ADB is “committed to helping the government of Pakistan implement alternate modalities for social protection and poverty reduction that promote improved human capital and reduction in intergenerational poverty.” Hammad Azhar appreciated the ADB’s commitment to supporting the government of Pakistan and its people and said that the “assistance from the ADB will help further strengthen the national social protection programme and provide support to the poorest segment of the population under the government’s Ehsaas strategy.”

He emphasized that “Ehsaas is a multi-pronged strategy encompassing many pro-poor initiatives which not only aim for poverty alleviation but also include poverty graduation programs.”—PR