Pakistan has signed a $500 million loan agreement with the World Bank (WB) in a bid to stabilise the country and alleviate poverty. The signing ceremony was held at the Economic Affairs Division in Islamabad, a private TV channel reported on Tuesday.
According to the channel, the International Development Association (IDA) of the World Bank -- which provides soft loans to developing countries -- has lent the sum on 'nominal service charges'.
According to the agreement, the maturity period of the loan is 35 years, with a grace period of 10 years, said the channel.
The loan will be transferred to Pakistan in a single tranche after the approval of the WB board, which is scheduled to meet on February 15, it added. Prime Minister's Adviser on Finance Shaukat Tareen attended the signing ceremony.