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$125m ADB loan for capital market uplift likely next month

Recorder Report

ISLAMABAD: The ADB may release the second tranche of $ 125 million of Capital Market Development Programme Loan in April, sources close to the Bank said here on Wednesday.

Sources stated that the ADB mission which reviewed the implementation of the conditionalities of the loan was satisfied with the progress. At the wrap-up meeting held in Islamabad on Wednesday, the mission expressed the hope that it would give a positive report to the management shortly.

However it would be for the Board members to give a final decision. The Board meeting is expected in the middle of April.

Sources stated that out of the 11 conditions, which came under discussion, nine had been met while 'satisfactory' development was seen on the remaining two.

These are setting up of a clearing and settlement system at the stock exchanges and privatisation of National Investment Trust and ICP.