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ISLAMABAD: The Asian Development Bank (ADB) has approved a $700 million policy-based loan to support reforms aimed at strengthening insurance in Pakistan.
In an official announcement, the Manila-based lending agency said the programme seeks to expand insurance coverage and reduce protection gaps. It will also help stimulate private sector participation and support sustainable economic growth.
It said the Insurance Transformation Programme will strengthen Pakistan’s financial resilience by deepening insurance markets and expanding financial protection for households, businesses, farmers and public finances against extreme weather events, disasters and life-cycle risks.
The reforms are expected to reduce financial vulnerabilities, support faster recovery from shocks, and lessen pressure on public finances following disasters and other crises, it said.
