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Latest Press Releases

Signing ceremony of National Poverty Graduation Program

(2017-11-15) Ambassador Nadeem Riyaz and Vice-president of International Fund for Agricultural Development (IFAD), Mr. Michel Mordasini signed the financial agreement for a loan of US$ 82.6 million for Pakistan National Poverty Graduation Program at IFAD Secretariat, Rome on 14th November 2017.

Total cost of the six-year duration National Poverty Graduation Program (NPGP) is assessed at US$ 150 million. IFAD will provide US$ 100 million and Government of Pakistan will cover the remaining US$ 50 million through Pakistan Poverty Alleviation Fund (PPAF). IFAD Executive Board in its 121st session held in September this year approved US$ 82.6 million from its 2016-2018 allocation (PBAS) to Pakistan. The remaining amount of US$ 17.3 million will be paid from the next allocation cycle of 2019-2021.

The loan provided by the Fund will be on highly concessional terms and will be free of interest and would only have a service charge of 0.75% per annum. The loan will have a maturity period of 40 years including a grace period of 10 years.

The overall objectives of the NPGP is to assist the ultra-poor in moving out of poverty on a sustainable basis, improving their overall food security, nutritional status and resilience to climate change.


Rome
15 November 2017