ISLAMABAD – Italy will provide a soft loan of 40 million euros to Pakistan for poverty reduction by rural development activities in Balochistan, Khyber-Pakhtunkhwa and Federally Administered Tribal Areas.
Italian Ambassador Vincenzo Prati and Economic Affairs Secretary Sibtain Fazal Halim signed the loan-agreement on Friday in Islamabad.
The loan is being provided under the pledge made at the Tokyo conference and the financing will be utilised by the Pakistan Poverty Alleviation Fund. The objective of the project is to reduce poverty by fostering sustainable social and economic development through the improvement of income, production capacity and access to services in the rural areas.
