AIIB approves $500m for Pakistan.

ISLAMABAD -- Asian Infrastructure Investment Bank (AIIB) has approved $500 million for Pakistan, which would build the country's foreign exchange reserves.

'Board of Asian Infrastructure Investment Bank (AIIB) has today (Wednesday) approved USD 500 million as co-financing of Asian Development Bank (ADB) funded BRACE programme for Pakistan. These funds will be received by State Bank of Pakistan within November 2022,' said Finance Minister Ishaq Dar on twitter. The Building Resilience with Active Countercyclical Expenditures Programme is an Asian Development Bank (ADB) financing programme to counter the social fallouts of economic crisis. The Asian Development Bank (ADB) in last month had approved much needed $1.5 billion in financing to help the Government of Pakistan under BRACE. The ADB's loan approval had also paved way for getting $500 million from Asian Infrastructure Investment Bank (AIIB). Total disbursement will now touch $2 billion. The government is also expecting...