Business

KARACHI – The State Bank of Pakistan (SBP) on Saturday signed an agreement with Abu Dhabi Fund for Development (ADFD) for the placement of the second tranche of $2 billion.

The bank is expected to receive the $2 billion deposit shortly. The central bank had received the first tranche of $1 billion from the Abu Dhabi Fund in January, said a notification today.

The agreement for the placement of the second tranche of $2 billion by ADFD with the SBP has been signed. These funds are expected to be received shortly by SBP, it added.

In January, the SBP had signed an agreement with ADFD for $3 billion to be deposited in the SBP account.

Foreign Office has announced that the funds “will help Pakistan achieve financial stability and overcome economic challenges.”