ISLAMABAD: Finance Minister Ishaq Dar and Asian Development Bank (ADB) Vice President Wencai Zhang have celebrated the ADB’s 50th anniversary along with federal ministers, diplomats, senior government officials, ADB staff and representatives of the development community.
The event included a panel discussion on “What’s Next-Supporting Pakistan’s Development Agenda,” launch of the ADB’s book titled as “Banking on the Future of Asia and the Pacific-50 Years of Asian Development Bank”, the presentation of a short video about ADB’s projects in Pakistan and the unveiling of a commemorative postage stamp.
“Over the last 50 years, ADB has helped to upgrade vital infrastructure, private sector development, improve public sector management and financial markets, foster social protection, development of agriculture sector, and provision of emergency assistance,” said Zhang. “Together we have overcome many development challenges; together we are committed to expanding our partnership to reduce poverty and increase prosperity of the people of Pakistan,” he added.
The anniversary event, jointly organised by ADB’s Pakistan Resident Mission and the Economic Affairs Division (EAD) of the Ministry of Finance, was kicked off by welcome remarks from ADB Country Director Xiaohong Yang detailing key development milestones during the last five decades.
Pakistan was a founding member of the ADB in 1966. ADB’s first assistance for Pakistan was approved in 1968 to help small and medium scale industries. Since then, ADB has been one of Pakistan’s largest development partners, providing more than $29.5 billion in loans, technical assistance, and grants as of December 31, 2016.
