Pakistan, June 21 -- The government of Pakistan and the Asian Development Bank (ADB) signed a $700 million Policy-Based Loan (PBL) agreement for the Insurance Transformation Program (ITP), Sub-Program 1 (SP 1), including $250 million on concessional terms.

Secretary, Economic Affairs Division Muhammad Humair Karim Kidwai expressed appreciation for ADB's role as a trusted development partner and its continued support to Pakistan to complement its development initiatives, said a news release here on Saturday.

He emphasized that the ITP aimed at strengthening the resilience of Pakistan's financial sector and promote sustainable finance through comprehensive reforms.

The program seeks to enhance risk management mechanisms for households an...