ADB approves $700M loan for Pakistan's insurance sector

The Asian Development Bank (ADB) has approved a $700 million loan to support reforms aimed at strengthening Pakistan's insurance sector.

Report informs, citing DAWN and ADB, that the program is aimed at expanding insurance coverage and reducing gaps in the sector.

It will also help stimulate private sector participation and support sustainable economic growth, while strengthening Pakistan's financial resilience by deepening insurance markets and expanding financial protection for households, businesses, farmers and others.

According to ADB, Pakistan's financial system remains heavily dependent on the banking sector.